Big Economic Return from World Triathlon Bermuda
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 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.
SEE THE KEY DATA POINTS | READ THE FULL ECONOMIC IMPACT REPORT
“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. It’s doubly gratifying to know MS Amlin World Triathlon Bermuda also successfully rang the cash register for the island’s tourism industry businesses,” said Bermuda Tourism Authority Chief Executive Kevin Dallas. “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.”
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.
“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.”
Other Impacts Noted in the Report
- 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
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 27, 2019 and again in 2020.
