Published 30 June 2020 at 8:00 am (updated 30 June 2020 at 8:07 am)
Bermuda benefited from approximately $ 22.6 million from last year’s inaugural PGA Tour Bermuda Championship.
This is based on a direct economic impact of $ 7.8 million, which is said to have generated an additional impact of $ 10.6 million on the economy through the indirect and induced effect, while the value of the international media exposure was of $ 4.2 million.
The estimated total value of the event for Bermuda represents a 320% return on investment on the $ 7 million cost of staging the event, according to a report on KPMG’s economic impact.
The event last October and November brought over 2,000 visitors to the island and attracted nearly three million viewers.
It was the first of five PGA Tour events guaranteed by the Bermuda Tourism Authority as sponsor of the title and will last until 2023.
Brendon Todd was the winner of the event at Port Royal Golf Course, from a field of 120 professionals, including five Bermudians. The event was broadcast on The Golf Channel and Sky Sports.
The KPMG study was commissioned by the BTA and analyzed the economic impact of the event, including expenses on the island by event organizers, sponsors and visitors, as well as the capital investments necessary to prepare the island for the event. .
According to the report, 8,528 of the 10,660 participants were residents of Bermuda, with other overseas fans, players and their families, corporate guests, officials, staff, TV crews and vendors.
Victoria Isley, BTA sales and marketing manager, said: We thank everyone who contributed to the success of the tournament’s inaugural year.
We are looking forward to the long-term promise of the championship in Bermuda.
The BTA said the event also contributed to hereditary benefits for the island, including the popularization of golf and youth sport, the deployment of hundreds of volunteers and promotion as a year-round golf destination.
The local cost of the event was $ 7 million, including sponsorship of the title, contributions from non-titular sponsors and $ 2.9 million from the Bermuda government, which included expenses to help manage the event and prepare Port Royal for the five annual championships.
Zane DeSilva, Minister of Tourism and Transport, said: “The tournament once again highlighted Bermuda’s reputation as a world-class sports venue, showing that our island has the talent and experience to organize an event. global of this magnitude.
I would like to thank everyone who made it happen ?? in particular, the staff of the Port Royal Golf Course, who demonstrated the ability, determination and ability to recover to complete their work and met the deadline for this event to be hosted on the dates initially scheduled.
Sean Sovacool, championship director, said: “In addition to the golf course, the Bermuda championship also has a responsibility to return to our community, and that’s something we take very seriously; last year, a total of $ 225,000. has benefited from over 20 local charities and we hope to be able to rely on. ??
?? The 2020 PGA Tour Bermuda Championship remains scheduled from 26 October to 1 November
?? To view the KPMG report, click the PDF link in ?? Related media ??