Toronto Star reports, Toronto’s hospitality industry will take a $50 million hit this summer with the cancellation of the Toronto Grand Prix. The annual summer racing event, which began in 1986 as the Molson Indy, attracted tens of thousands of visitors from across the continent will not be in Toronto’s list this summer.  Grand Prix fans will be upset and disappointed because of the event cancellation.  This impacts tourism dollars to decrease this coming summer and will also affect final numbers for this years quarterly results.

Major events such as this causes travellers and disappointed fans change their perception about Toronto.  Many fans who come out every summer for races will have to wait until next year. Sources say the event – which may return in 2009 – fell victim this year to a deal signed between the Indy Racing League and the Champ Car World Series. Bottom line, there wasn’t enough room for all the events on both groups’ calendars, and the Toronto Grand Prix was sacrificed for the 2008 racing season.