How can Chicago benefit from upcoming NASCAR street race?

CHICAGO (WLS) -- NASCAR is roaring full speed ahead into its very first street race in Chicago.

The two-day event is set to take place next weekend on July 1 and July 2.

With thousands of people expected to pour into the city for the racing extravaganza, NASCAR has said it will help pump $113 million into the economy, as well as more than $3 million in tax revenue for the city.

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Multiple outlets have reported NASCAR agreed to pay the city $2 per ticket sold and to pay the park district $500,000 this year, $500,000 next year and $605,000 in 2025.

Jack Lavin is the president and CEO of the Chicagoland Chamber of Commerce.

According to Lavin, NASCAR will bring visitors from all 50 state and 13 different countries.

"It's a two day commercial for Chicago to show the best that we have to offer on a global stage," said Lavin.

NASCAR also promises to bring lots of extra foot traffic to the downtown area.

"For every $100 they spend at a hotel, they spend $222 in the rest of the economy - at our restaurants our small business - so this is the multiplier effect throughout the economy," said Lavin.

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Four out of 10 NASCAR visitors are expected to stay in hotels.

NASCAR estimates it will be more than 50,000 people to the Loop, packing the grandstands around the race route as well as downtown hotel rooms.

Michael Jacobson is the President and CEO of the Illinois Hotel and Lodging Association.

READ MORE | Chicago NASCAR 2023 street race has downtown hotels hoping to fill up

Jacobson said four out of 10 NASCAR visitors are expected to stay in hotels, and 24,000 total hotel room nights have been generated by just the race.

"The hardworking men and women in our hotels have never been busier," said Jacobson. "The staffing is really high because of the busy weekend that we have on our hands."

Jacobson said hotel and restaurant workers have the most to gain from NASCAR and other big ticketed events.

"It's really the people that suffered and were devastated so badly during the pandemic and really are the lifeblood of the hotels," said Jacobson. "They've been through thick and thin over the last several years."

Jacobson said NASCAR's economic impact goes beyond the two days it's in town.

"There's dozens of countries that are going to see the television coverages with the beautiful Chicago skyline in the background and say man I want to go there," said Jacobson.

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