Triathlon Economic Impact Report Released
The WTS Triathlon in Bermuda “generated an overall economic impact of $4.4 million, representing a 152 percent return on the $2.9 million investment by the Government,” according to a new economic impact report that has been released.
“Flora Duffy’s dominant hometown victory at MS Amlin World Triathlon Bermuda was not only a celebratory sports moment for the country but also an economic win, according to a new economic impact report,” the BTA said.
“The event generated an overall economic impact of $4.4 million, representing a 152 percent return on the $2.9 million investment by the Government of Bermuda.
“The total event cost came in at $3.4 million, which includes $500,000 in revenue from corporate sponsor packages and athlete registration fees. Media coverage of World Triathlon Bermuda netted an estimated 1.1 million viewers, generating further benefits for the island as a tourism destination. In all 890 individuals travelled here for World Triathlon Bermuda, 304 of them to participate.”
“Given the visitor volume, hotels and restaurants derived the greatest positive economic impact as a result of the event. Wholesale and retail sectors experienced the next highest positive impact.
“Some local retailers, however, voiced a negative impact on their bottom lines as a result of road closures and limited access on a Saturday, when trade is relatively high. Importantly, the retail sales index figures were down 5.4 percent and 7.8 percent respectively in March and April of this year when compared to 2017, which means other factors also impacted sales figures.
Triathlon Economic Study Infographic [PDF]
“Since April we’ve been very encouraged by the positive feedback from triathletes, spectators, sponsors and the ITU world governing body which puts on these sporting events around the globe,” said BTA CEO Kevin Dallas.
“It’s doubly gratifying to know MS Amlin World Triathlon Bermuda also successfully rang the cash register for the island’s tourism industry businesses.
“We look forward to improving on the event’s economic performance over the next two years and hope for a chance at the Grand Final in 2021.”
“We owe a huge debt of gratitude to the 450 dedicated volunteers, the local businesses who performed admirably and the countless Bermuda residents who lined the course to cheer for Flora and to show off the island’s legendary hospitality,” Mr Dallas said.
Minister of Economic Development and Tourism Jamahl Simmons added: “Sports has proven once again to be an excellent vehicle to bring the country together while at the same time drawing visitors to our shores and boasting our economy.
“The Government is pleased to support the MS Amlin World Triathlon Bermuda and is proud to support our hometown star Flora Duffy. We hope she can dazzle us all again in 2019 and 2020.”
Graphic extracted from the report:
The BTA said other impacts noted in the Report included:
- “Bermuda will benefit from an estimated $19.9 million in future tourism economic impact as a result of World Triathlon Bermuda
- “$1.6 million was spent on-island, directly into the pockets of labours, entrepreneurs and local businesses ranging from transportation and security to public relations and trucking
- “98 percent of Bermuda residents were satisfied with World Triathlon Bermuda, according to survey results
- “212 children participated in the TMR Kids Duathlon the day before the World Triathlon Bermuda; 78 of them went through the TMR training programme in the weeks leading up the event
- “30th Annual Clarien Bank Iron Kids Triathlon [+74 percent] and XL Catlin National Olympic Triathlon Championships [+213 percent] saw sharp increases in participation, which is described as a legacy benefit of World Triathlon Bermuda
The BTA added, “PricewaterhouseCoopers conducted the economic impact study for the Bermuda Tourism Authority, the parent of WTSBDA Ltd, which is charged with hosting the World Triathlon Series events in cooperation with the International Triathlon Union and the Bermuda Triathlon Association.
“Researchers concluded Bermuda could see an estimated 1038 percent return on investment if it should win its bid to host the World Triathlon Series Grand Final in 2021.
“The event would cost about $1.6 million in Government investment and would return an estimated $13.4 million in incremental on-island spending. An estimated 3,000 participants would be expected for the Grand Final event.”
World Triathlon Bermuda returns April 29, 2019 and again in 2020.
The full Triathlon 2018 Impact Study follows below [PDF here]:
So is the current government finally beginning to understand the meaning of the word ‘investment’?
In before the PLP Muppets get their talking points….
Great that it had a positive economic impact, but what I loved most was everyone out cheering together as one people.
I totally agree – it was amazing to feel this huge sense of Bermuda pride. The cheering, screaming crowds were out-of-this-world! I felt on cloud nine afterward for weeks!
The economic impact is great, but wow, the positive emotional impact is something we need a lot more of!
agreed
Great job BTA & OBA!
Does anyone know what average daily retail sales volume is in the City on a Saturday? Eg if the City was shut down on a Saturday shouldnt that sales loss be subtracted from the number? Also isnt it incorrect to count the initial investment as return? Eg (4.4/2.9)-1=52%? If lost sales volume in the City on a Saturday is more than 1.5m the event could be a net loss to the island.
One would assume that most of this purchasing would be local. So with the shops/stores being closed doesn’t mean the purchase wasn’t displaced to another “retail” store in another section of the island, or purchased on a different date.
Yes, you could say the business in Hamilton suffered as having to be closed, though their net loss wouldn’t be a net loss for the country.
I can almost bet that on a average Saturday that retail sales are not even close to 1.5 Milly
You cant count initial investment as return e.g. (4.4/2.9)-1=52% Does anyone know the average retail sales volume in the City on a Saturday? As if this number is higher than 1.5m the event was a net loss for Bermuda
Hhmm… unlike the cagey, destructive, negative for Bermudians, tribal OBA.
Thank you P.L.P., for your openness and transparency.
PL.P, what did OBA do with the millions collected from the ACB.
We Bermudians, will NEVER know!!
Oh my gosh!! Could it have gone into their businesses and pockets??
No. Not the O.B.A.The ones who lacked transparency.
Not true. Right????
It’s not the PLP you dimwit.
Christ – at least you’re consistent.
Lol seriously? Where do you think it went? Ask all the landlords out there that collected rent, all the grocery stores that groceries were bought from, ask all the schools that collected tuition, ask all the marinas and retail stores that sold merchandise. What you thought someone was going to hand you some money? Lol, you are seriously blind.
Surely, you must be trolling. Nobody could be that dim.
Thank you OBA
PLP will soon announce their big event to follow the AC and Triathlon….the all island pigeon show, expected to bring in tens of people.