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Industry figures for 2009, the last year that the Grand Prix didn’t take place, show Montreal hotels suffered a $25-million revenue shortfall compared with other race weekends, Paré said.
Occupancy rates in Montreal typically average 96 or 97 per cent during Grand Prix weekend. City hotels double their room rates to coincide with the event, allowing them to offset slower winter bookings.
“If you convert that $25 million into 2020 dollars, and if you consider that additional seats have since been installed at the racetrack, the shortfall this year is going to be even higher,” Paré said.
As more events in and around Montreal get cancelled, those lost weekends — and weeks — look set to multiply well into the summer. On Tuesday, event promoter Evenko officially cancelled this year’s edition of the Osheaga and ÎleSoniq electronic music festivals. Both events will be back in 2021, Evenko said.