This year’s Royal Ascot festival is set to be worth £140m to the UK economy as fans flock to Berkshire for top level flat racing.

Around 300,000 fans are expected to attend over the five days of horse racing, which starts tomorrow afternoon, with 38,000 hospitality covers to be served by over 30 Michelin starred chefs.

And the iconic meet, which attracts entrants and fans from across racing’s top markets including the Gulf, Japan, Australia and the United States, is expected to contribute £140m to the economy, supporting nearly 2,000 jobs.

“Across its operations, supply chains, visitor spending and associated activities,” the racecourse said, “Ascot [in all] supports an estimated £264.5m in Gross Value Added (GVA) and 3,903 full-time equivalent (FTE) jobs across the UK economy.”

Royal Ascot hits the track

The research went on to say that tickets are being purchased from more than 70 per cent of UK postcodes, while £50m of the £78m generated in visitor expenditure will come during Royal Ascot week.

It comes after Ascot Racecourse chief executive Felicity Barnard told City AM that it was looking at the idea of pooling the media rights of the festival alongside other globally admired race meets – including the US Breeders’ Cup and Australia’s Melbourne Cup – to create a more marketable package.

“I want Ascot to be positioned alongside Wimbledon, The Open and the Monaco Grand Prix with our Royal Ascot product as a moment in time in the British summer,” she told City AM.

“We are a moment in time in the British summer, and it’s not to be missed. I honestly think it is like nowhere else in world sport. And I would say that very confidently.

“We see it as a responsibility, not only in racing but in world sport, to put on an incredible [offering] of world-class sport, all things Britain – a melting pot of the best that we can really show.”