Gov. Beshear: 2024 Tourism Development Projects Set New All-Time Record With 10 Projects, $256 Million Invested
10 tourism development projects will provide 356 full-time jobs, 1,340 part-time jobs once operational
FRANKFORT, Ky. (Dec. 19, 2024) – Gov. Andy Beshear announced today that the state has achieved another historic tourism milestone in 2024, demonstrating the continued strength of tourism in the commonwealth, which marked a new record for economic impact and the launch of the New Kentucky Home initiative. Ten new tourism development projects are set to generate an estimated $256 million in economic investment. These projects are also expected to create approximately 1,696 jobs once they become operational.
This year marks the second straight record-breaking year for the most projects granted final approval in a single year by the Kentucky Tourism Development Finance Authority since the tourism incentive was created in 1996. Today’s announcement reflects ongoing growth in Kentucky’s tourism industry, as last year, the state achieved its best year for tourism on record, generating an economic impact of $13.8 million and sustaining 95,222 jobs.
“These historic investments and record tourism numbers continue to help drive tourism, build a strong economy and welcome visitors to our new Kentucky home,” said Gov. Beshear. “Kentucky’s tourism industry is booming, and the best thing about these wins is seeing our neighbors thrive, communities grow and building a brighter future for every Kentuckian.”
This year, the commonwealth has given final approval to 10 tourism development projects, including:
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TKC Hospitality Group in Woodford County, with an estimated $15.2 million investment that is expected to create eight jobs.
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TKC Distilling Co in Woodford County, with an estimated $20.2 million investment that is expected to create 38 jobs.
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Pennyroyal Barrel Co. in Adair County, with an estimated $3.9 million investment that is expected to create 20 jobs.
- Maker’s Mark Distillery in Marion County, with an estimated $18.5 million investment that is expected to create 27 jobs.
- M&T Development in Livingston County, with an estimated $27.2 million investment that is expected to create 100 jobs.
- LSC Stadium Co. in Fayette County, with an estimated $30.8 million investment that is expected to create 1,045 jobs.
- Louisville Pickleball in Jefferson County, with an estimated $22.7 million investment that is expected to create 51 jobs.
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Keeneland Association in Fayette County, with an estimated $92.6 million investment that is expected to create 234 jobs.
- Franklin DevCo in Franklin County, with an estimated $20.5 million investment that is expected to create 155 jobs.
- Dossey Vineyards in Warren County, with an estimated $4.5 million investment that is expected to create 18 jobs.
“We are thrilled to celebrate this achievement in Kentucky tourism, which benefits all Kentuckians through new jobs and increased revenue,” said Tourism, Arts & Heritage Cabinet Secretary Lindy Casebier. “These 10 projects will transform communities and make Kentucky an even more inviting and exciting place to live, work and thrive. Gov. Beshear has been an ardent supporter of Kentucky tourism, and his leadership has fostered an environment that encourages investment, and this year’s numbers prove the success of that. We look forward to fostering many more tourism development projects over the next few years.”
The projects are approved through the Tourism Development Act, which supports the development, rehabilitation and expansion of tourism projects. This program allows developers to recover up to 25% of the project’s development costs over a 10-year term through sales tax generated onsite. Projects including but not limited to lodging facilities constructed on state parks, federal parks or national forest lands are eligible to recover up to 50% of the development costs over a 20-year term.
The projects that received final approval in 2024 can collect a maximum potential incentive of $35.7 million. The Kentucky Tourism Finance Authority also granted preliminarily approved seven tourism development projects in 2024.
“These consecutive milestones underscore the strength and momentum of Kentucky’s tourism industry,” Kentucky Department of Tourism Commissioner Mike Mangeot said. “With these ten new projects, we’re not just breaking records – we’re creating opportunities, driving investment and showcasing the best of what the commonwealth has to offer to visitors and residents alike.”
The previous record was set in 2023, with nine projects receiving final approval and an estimated future investment of more than $292 million, expecting 550 jobs once operational.
Kentucky’s impressive economic growth is a direct reflection of the Beshear administration’s continued investments in the tourism industry.
To capitalize on Kentucky’s historic economic momentum and record-breaking tourism success, Gov. Beshear recently announced New Kentucky Home, a strategic initiative to further drive economic investment, attract and retain talent and increase tourism across the commonwealth.
Earlier this year, the Governor announced that 2023 was the best year on record for tourism. This followed a record-breaking 2022 when he announced that tourism had generated more than $12.9 billion in economic impact and secured 91,668 jobs in Kentucky that year.
The state’s bourbon and spirits industry recorded its best year for growth in 2022, with over $2.1 billion in new investments and approximately 700 new jobs for Kentucky residents. The sector followed with a strong 2023, including $713.8 million in new investments and 229 full-time jobs. Since the start of his administration, Gov. Beshear has announced roughly 100 new location and expansion projects within the bourbon and spirits sector, contributing to over $4.2 billion in new investments and more than 1,800 full-time jobs for Kentuckians.
In 2022, Gov. Beshear announced $75 million in American Rescue Plan Act funding to boost the state’s tourism industry and economy. Previously, the Governor dedicated $5.3 million in federal funding to 103 tourism and destination marketing organizations in 88 Kentucky counties.
Since the beginning of his administration, Gov. Beshear has announced more than 1,100 private-sector new-location and expansion projects totaling nearly $35 billion in announced investments, creating roughly 59,800 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $14 billion more than the next highest total.
For more information on the Tourism Development Incentive Program, please visit Tourism Development Incentive Program.
For the latest Tourism, Arts and Heritage Cabinet updates, follow the cabinet on Facebook, X, Instagram or LinkedIn. To learn more about tourism and arts in Kentucky, visit tah.ky.gov.
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