This article examines the role of festivals and cultural events in regional development from a discursive perspective. The particular focus is on the meanings attached to their importance and potential in both the discourses of public strategy documents and the views of festival managers. The empirical analyses cover two Finnish regions: Pori and Seinäjoki. The article further enhances understanding of festival management in identifying discourses in regional strategy making. This knowledge will help festival and event organizers to cope with external stakeholders and their varying demands, which could support the longevity of their event. Public authorities, on the other hand, will be able to use the analytical information on festival production in their decision making with regard to regional strategy development.