ACEC Research Institute’s Post

This week, the British Open (the Open) could generate an astounding US$380 million in revenue to Scotland as a whole. The Open takes centre stage at Royal Troon Golf Club in Scotland. Here's a look at the economic impact of this prestigious golf event: Broadcasting: Broadcasting rights alone are worth at least an estimated US$75 million annually, showcasing the global appeal of this event. In 2017, NBC started broadcasting the annual July tournament in the US on a new deal spanning 12 years at US$50 million per year. Purse: The purse size for the Open has reached US$17 million, with the winner taking home the highest share in the history of the Open: US$3.1 million. The Open has the smallest purse size of golf’s four major championships. Sponsors: Main sponsors include Rolex, HSBC, Mercedes-Benz, and Nikon. Sponsors typically leverage high-profile TV moments with players for exposure, such as Rolex clocks at tee boxes or players arriving to the course in a Mercedes-Benz. Tickets and merchandise: Ticket revenue and merchandise are also major contributors. With projected attendance around 250,000 spectators over the week, attendance is expected to be the third highest ever for the Open, and surely the merchandise stands will be absolutely rammed. Local impact: With plenty of spectators expected, the economic impact on the local community around Royal Troon Golf Club is profound. An estimated US$100 million will be injected into the local economy, with hotels, restaurants, and other local businesses reaping the benefits. Venue: Royal Troon Golf Club is a historic venue. Established in 1878, it has hosted the Open nine times. The course most recently hosted the Open in 2016, which featured an epic showdown between Henrik Stenson and Phil Mickelson. Stenson tied the lowest-ever major score (63). The Postage Stamp: Royal Troon is known for its challenging links layout and iconic holes, such as the Postage Stamp. The eight hole par-3 is only 123 yards, but the green spans a mere 2500 square feet with hazards located all around the green.   ______ The influx of visitors to Royal Troon showcases the region to a global audience, which will lead to increased tourism and business opportunities for the region in the future. The Open is not just a week-long golf tournament; it's a significant long-term economic driver for the community. #Sports #SportsBusiness #SportsBiz #LinkedInSports #Golf

Cash prizes for Gold medals in the Olympics has recently been a topic of discussion. World Athletics’ announced that Gold medallists at the Paris Olympics 2024 will receive $50,000. (Totalling $2.4 million for all gold medallists.) Here’s my take on it. Athletes have a right to earn: → Money → Cash prizes → Even a percentage of the revenue that’s generated by the games This is because participating in sports is not just a hobby for them—it's their career. So, they deserve to be compensated for their time and effort. Which is important for their financial stability and livelihood. The bottom line: The glory of medals is not enough anymore. It’s not enough to sustain athletes in their careers. We need to provide greater incentives for players’ participation like: → More financial support → Sponsorship opportunities → Career development programs So that athletes can pursue their dreams while still having financial stability.

'It's like our Olympics': How the US Women's Open is expected to impact Lancaster County's economy The USGA expects to spend $29 million to produce the U.S. Women’s Golf Open next week at Lancaster Country Club in Manheim Township, a four-day event that is estimated to inject $25 million to $35 million into the Lancaster County economy. That immediate impact will largely come from the spending that the golf association has done locally over months of preparation and the 100,000 mostly day-trip visitors it is predicted to attract. In 2015, the Open drew about 134,000 spectators to Lancaster Country Club, a record-breaking attendance for the Women’s Open at the time. “They're building a major city here,” said Jerry Hostetter, general chairman of the championship who helped bring it to the historic Lancaster Country Club, noting the tents, generators, catering, and restroom facilities needed to pull off one of professional golf’s most important championships. The USGA projected the event would directly add about 431 jobs and generate about $852,236 in local taxes and about $1.168 million in state taxes. There’s no independent study of the local economic impact but the USGA gave an estimated impact when it applied for a state Sports Marketing and Tourism Account Program grant. The USGA received a $1.215 million state grant for tent rentals, equipment and supplies. 📍 READ the full LNP News article at https://bit.ly/4avMjAg

Today marks 50 days until the 2024 Masters Tournament! 🏌🏼♂️ If you’re traveling with Superior to the Masters this year, what are you most looking forward to? Let us know in the comments! ⬇️ #SuperiorExecutiveServices #TravelSuperior #CorporateTravel #TravelPlanning

Did you attend the Sporting Heritage 2024 Conference? The 2024 Sporting Heritage Conference was held as a free online event on Thursday 9th May. Now you can explore this new section on our website and delve into: 🔵Session recordings. 🔵Information from our conference funder and sponsor 🔵All the supporting resources from the sporting heritage event of the year are now at your fingertips, equipping you with a wealth of knowledge and insights! As you may know, this year’s conference was initially planned as an in-person event. However, we made the thoughtful decision to change format to an online one, offering you the convenience of attending from the comfort of your own space. This change in format allowed us to offer the event as FREE to attend making the event more widely accessible. We know how much the sector values getting together in person, but over the past few years, we also acknowledge how resources and capacity to support this have reduced, especially following the impact of COVID-19 leaving a lasting change on how we work and how we consume content. So, worry not if you were unable to attend this year’s Sporting Heritage Conference because you can catch up on everything via our webinars. Discover more: https://bit.ly/4c7Gav9 #Sportingheritage23 #SHAwards #SportingCollection

Road to Aurora

🏉 Key dates kicking off in February 🏉 Held annually across England, Wales, Ireland, France, Scotland, and Italy, the Six Nations Championship is one of the most popular sports events in the world! With 15 games in total commencing on the 2nd February until the 16th March, and an average of 72,000 people attending each match, this presents a prime opportunity for brands to optimise on the increase in footfall and morale as crowds swarm to locations hosting.   We have activation spaces in every single region and city - meaning brands can plan out a whole 6-nation specific campaign across multiple countries in just a few clicks. Visit our Six Nations collection to start planning your campaign: https://lnkd.in/dSmSgiUt   You can find the full details of dates, times and locations in the Six Nations Guide here: https://lnkd.in/d2TRsyUc #sixnations #strategicmarketing #strategicplanning #brandexperience #locationexperts #experientialmarketing #brandmarketing #brandevents #locationhire #spacehire #events #eventsspace #digitalmarketplace #eventplanning #liveevents

Exploring the Impact of Hosting International Sporting Events: With the United States setting record-breaking achievements in recent Olympics and gearing up to host the Olympics in 2028 and the World Cup in 2026, this article delves into the significance and impact of such events on a global scale.

Here's a helpful guide to secure sponsorship from your university/employer to the 3rd Annual Black Sports Business Symposium! See you all in May! #BlackSportsBiz