Call it the frugal fan 500.

Ticket sales for Sunday’s Indianapolis 500 are holding steady, but race fans and sponsors appear to be cutting corners this year, opting for cheaper choices that could put a pinch not only on local hotels but on the economic impact of the city’s most significant tourism event.

What’s happening at the Sheraton Indianapolis City Centre Hotel is just one example. The hotel is usually sold out by now, said Mitch Divens, assistant director of sales at the Sheraton. Instead, the hotel’s occupancy was at 85 percent Tuesday afternoon.

Divens said a key reason is that corporate business from companies that sponsor cars has dropped off this year.

“There are (regulars) that are not coming anymore, companies that have dropped out as being sponsors,” Divens said. “Those companies are not traveling here as groups anymore.”

To make up some ground, the Sheraton decided to drop its normal three-night-stay restriction for the weekend.

Still, Divens expects occupancy to be down 5 percent to 8 percent over last year by the time the 500 comes and goes.

The Sheraton is not alone. The Hilton and Omni Severin also are dropping their three-night-stay minimum. In addition, the Omni Severin is trying to lure guests with a $100 credit for food and drinks at the hotel. The Hilton is allowing guests to cash in rewards for Sunday and Monday, which typically are blackout days.

But if tight times are tough on high-end hotels, there is a flip side.

The Downtown Days Inn already is sold out through Sunday. Richard Gogoua, assistant manager at the hotel, said there’s no big secret why: Customers are choosing his hotel for its cheaper prices: $99 a night Friday and Sunday and $110 on Saturday.

“People just come to have fun at the Indy 500. They just want a place to sleep, eat breakfast, park their vehicle and go,” Gogoua said.

“If a Downtown hotel charges $300 and has a two-night minimum, of course people are going to come here.”

Likewise, high-end Downtown restaurants might suffer a hit from people pinching pennies, staying in cheaper areas away from Downtown, or simply because some fans are turning a typical three- or four-day stay into a quick one- or two-day stay.

“I don’t think we’ll match last year — we’ll be close — for the simple reason that we do feed off the hotels,” said Jeff Smith, operating partner at Harry&Izzy’s.

Nonetheless, the Indianapolis Chamber of Commerce and other businesses remain generally optimistic.

And for one good reason: Ticket sales are still strong.

“All this spring, sales have either been a tick ahead or a tick behind from last year,” said Ron Green, director of public relations for the Indianapolis Motor Speedway. “And last year, we saw a sizable jump.”

Strong attendance is still the driving force behind the event’s economic impact, which is estimated at more than $336 million a year — more than $5.7 million alone derived from the hotel, food and beverage taxes in Marion County and nearly $55 million generated by hotel room bookings in the Indianapolis area.

Pam Merritt, proprietor of Pam’s Pit Stop Liquors at 16th Street and Georgetown Road, says her sales so far this year are equal to last year’s.

Merritt also rents out spots in her parking lot, with its choice location, to small food vendors. Per usual, all the spaces are taken.

But across the street at the Winners Circle Lounge, sales this month are off about 5 percent to 10 percent, said Steve Barber, the owner. Barber blames the weather, which has been cool, as much as the economy.

But May still could end happily at the Winners Circle. With live music scheduled for Friday, Saturday and Sunday nights, Barber says, “we still could make a good showing.”