This is the dollar value that has been attached to the Magic Millions carnival from direct expenditure, which officially kicked off today and runs until next Tuesday.
The 2015 Jeep Magic Millions Raceday held on Saturday at the Gold Coast Turf Club can draw a crowd of 16,000 at capacity, and six yearling sales held throughout the carnival will also boost figures on multiple fronts.
Chair of Surfers Paradise Alliance (SPA) and deputy president of the Gold Coast Central Chamber of Commerce (GCCCC), Laura Younger, says Magic Millions has ripened in its 30 years to now stand as one of the Gold Coast's most investment-rich events.
"Magic Millions being in town undoubtedly has a direct or indirect impact on your business - this is an event that brings $22 million into the Gold Coast economy, not taking into account international publicity or additional spikes in services such as beauty for this period," said Younger earlier today.
Younger introduced Celebrating Magic Millions - Breakfast on the Beach, an unofficial event on the Magic Millions Calendar run by SPA and GCCCC that incorporated a panel discussion between Harvey Norman CEO and Magic Millions owner Katie Page-Harvey, minister for education, training and employment and member for Surfers Paradise John-Paul Langbroek, and James Frizelle's Automotive Group's operations manager Rebecca Frizelle.
"Magic Millions' prize money nears $6 million annually - it is the world's richest sales-based incentive race series that has evolved from a ground-breaking concept to a global brand with 117 successes at black type level in the last racing season including 21 group one victories," says Younger.
"The race is currently number five in the world, and next year the prize money will be $10 million."
Page-Harvey says they have been working on making the event a $10 million race for a long time, and from day one the brief has been based on producing a "boutique version of the Melbourne Cup".
"The carnival is so big internationally - and the beauty of it is that it's Australian horses," says Page-Harvey.
"We want this to be for Australia, Queensland and the Gold Coast, while competitors can bring in overseas horses.
"Magic Millions is more than breeders and the event and sales; it's about the local businesses and businesspeople we can market through the event too."
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