If people actually think there is a lot of $$ to be made by Verizon and investors in these type of events they are sorely mistaken. They are generally conducted as a way to provide visibility and excitement to a region and promote civic pride. Take Verizon for instance, they sponsor the entire series as a form or marketing and advertising to promote their brand. Sure if they didn't think they sell more phones and services than it cost, they wouldn't be doing it, but they will not be making profits from the event itself.
The people who make money at these events are the hotels, restaurants, bars, and catering services located within the area of the track etc. The track construction can be quite disruptive, so the people who generally lose are the flower shops, dry cleaners, other retail firms etc, that lose business when their customers won't go though the hassle of trying to get there. Most of the gains to the region are perhaps not just financial but intangible; promotion of the area and civic pride. I imagine the Boston Marathon is similar in that regard
While races at places like Long Beach, St Petersburg, and Toronto have successfully run these street races for decades, most of them only last few years once the novelty wears off. They can be expensive to put on and without enough corporate sponsors, they are tough to justify to the taxpayers. That being said, those cities that have conducted them for long periods of time, do see that they create vibrance, good for the economy and are worth putting on every year.
In Detroit for instance, Roger Penske spends much more putting on the race than he ever gets in return. Why would he do that? Love of the city, a desire to promote the region, place to bring customers and employees for hospitality and corporate events etc. Every one of those race cars also have sponsors that want to promote their brand in point of sale promotions and/or corporate hospitality.
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