LEXINGTON, Ky. — Governor Andy Beshear announced five new tourism development projects Wednesday that will generate an estimated $118 million in economic investment and create approximately 298 jobs when operational, part of the state's "New Kentucky Home" economic initiative.

The projects receiving final approval in 2025 include three developments with significant local impact: a Hyatt Regency Lexington in Fayette County representing a $58.5 million investment expected to create 15 jobs; a Kentucky Kingdom Theme Park expansion in Jefferson County with $27.5 million investment and 105 projected jobs; and a Crowne Plaza in Warren County with $8 million investment and 30 new jobs. The fifth project, Malibu Jack's Indoor Theme Park in Daviess County, involves $18.3 million in investment and will create 125 jobs.

Additionally, the Kentucky Tourism Development Finance Authority granted preliminary approval to four projects expected to generate $97.1 million in investment and 196 jobs. These include a proposed Hilton Lexington Downtown with $20.9 million investment and 31 jobs; the Appalachian Wildlife Foundation's Boone's Ridge project in Bell County with $61.4 million investment and 110 jobs; Bakery Square Hotel in Jefferson County with $10.9 million investment and 36 jobs; and the Never Say Die Bourbon distillery in Fayette County with $4 million investment and 19 jobs.

"The tourism development program is essential in building a brighter future for our people," Governor Beshear said in a statement. "When businesses invest in our tourism industry, they help drive more visitors to our New Kentucky Home, boost local economies and grow our communities throughout the commonwealth."

Projects are approved through the Tourism Development Act, which allows developers to recover up to 25 percent of approved development costs over a 10-year term through sales tax generated on-site. The five projects receiving final approval can collect a maximum potential incentive of $15.5 million.

Tourism, Arts & Heritage Cabinet Secretary Lindy Casebier praised the sustained success of the program. "Thanks to Gov. Beshear's leadership and our hardworking staff, the commonwealth continues to reap the benefits of new jobs, private investment and tax revenue," Casebier said.

Since the program's inception in 1996, it has supported major attractions including the Newport Aquarium, 4th Street Live and craft distillery experiences. The latest approvals come as Kentucky tourism reaches record-breaking levels, with 2024 generating $14.3 billion in economic impact.