Commentary: A NASCAR-commissioned report estimates an economic impact of $113 million. The actual net impact is likely to be a tenth of that.
Robert Lawson and Scott NiederjohnOpinion content—editorials, columns and guest commentaries—is created independent of news reporting and is exclusive to subscribers.Workers install a catchfence on top of a concrete barrier between the grandstand and the street on E. Balbo Drive on June 19, 2023, for the NASCAR Chicago Street Race.
We are free market economists who share a passion for car racing. One of the things we like the most about racing is that it still embodies the spirit of free enterprise — unlike the other major sports. Almost all racetracks are privately owned by entrepreneurs trying to make a buck. The race car teams are private firms. Sponsors may be wealthy individuals with a passion for racing like the comedian David Letterman or companies like Menard’s that see the marketing value in their association with the sport.
In July, the inaugural Chicago NASCAR street races will take place. City leaders, who have inked a three-year deal with NASCAR, will no doubt enjoy a week of hobnobbing with drivers and celebrities and enjoying free tickets to the events.The costs to the city have not been well publicized, which suggests a lack of government transparency. Still,Undoubtedly, city leaders will point to the intangible “benefits” to the city of having NASCAR in town.
With the sharply limited seating available on a street circuit compared with a fixed road course or oval track, prices are at least two to three times higher than for normal races. Ticket resale apps show prices for the June 25 NASCAR race at the Nashville speedway starting at $84. Meanwhile, the cheapest ticket we see right now for Chicago the following weekend is $269.Sign up to receive Chicago Tribune opinion columns and guest commentary by email as soon as they're published.
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NASCAR faces tight schedule as Chicago Street Course takes shapeTemporary grandstands, concrete barriers and fencing have sprung up on parts of the course in and around Grant Park. But a concerted effort to keep roads open as long as possible to minimize disruption means construction won’t be completed until the eve of the race.
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