With Indy 500 events kicking off about a week and a half ago, Indianapolis is gearing up for an economic boost of more than $20 million, according to a release from Inside Indiana Business.
Chief Executive Bob Bryant said in the release the race festival’s income would receive a jump start from the Mini-Marathon and 500 Festival Parade.
Bryant said the event alone has generated more than $400 million since the 500 Festival began in 1957.
The 500 Festival is a nonprofit organization, and it will be putting some of its funds toward its free youth programming. according to the release.
Proceeds that have gone to the 500 Festival’s Education program have helped more than 225,000 fourth graders in Indiana, according to the 500 Festival website.
This year is the 60th anniversary of the 500 Festival Parade, according to the Inside Indiana release. This year will also mark the 100th running of the Indy 500 race and the 40th running of the Festival Mini-Marathon.
Bryant said in the release the Indy 500 is a massive event that draws everyone in, not just racing fans.
“Even without cars running on the track, you can’t go there and not be intrigued by wanting to be a part of seeing the enormity of that facility and the history of that facility,” he said.
Bryant said the 500 Festival works with organizers of the car race to capitalize on an audience that’s not strictly Indy 500 fans.
And it’s working — he said the Mini-Marathon drew more than 30,000 people to the Indianapolis Motor Speedway this year.
Another draw of the festival is the May 28 KeyBank 500 Festival Snakepit Ball, which, this year, will feature five-piece musical group Walk Off the Earth, according to the release.
The 500 Festival sponsors several events, but the parade itself will take place May 28.
Anicka Slachta
