Bermuda benefited by an estimated $22.6 million from the inaugural PGA Tour Bermuda Championship last year.
That is based on a direct economic impact of $7.8 million, which is said to have generated an additional $10.6 million impact on the economy through “indirect and induced effect”, while the value of international media exposure was $4.2 million.
The overall estimated value of the event to Bermuda represents a 320 per cent investment return on the $7 million cost of staging the event, according to a KPMG economic impact report.
The event last October and November brought more than 2,000 visitors to the island, and attracted almost three million TV viewers.
It was the first of five annual PGA Tour events secured by the Bermuda Tourism Authority as title sponsor, and will run through 2023.
Brendon Todd was the winner of the event at Port Royal Golf Course, from a field of 120 professionals, which included five Bermudians. The event was broadcast by The Golf Channel and Sky Sports.
The KPMG study was commissioned by the BTA, and analysed the event’s economic impact, including expenditure on the island by event organisers, sponsors and visitors, as well as capital investments needed to prepare the island for the event.
According to the report, 8,528 of the 10,660 attendees were Bermuda residents, with the rest overseas fans, players and their families, corporate guests, officials, staff, TV crews and vendors.
Victoria Isley, the BTA chief sales and marketing officer, said: “We thank everyone who contributed to the tournament’s successful inaugural year.
“We look forward to the championship’s long-term promise to Bermuda.”
The BTA said the event also contributed legacy benefits for the island, including popularisation of golf and youth sport, deployment of hundreds of volunteers, and promotion as a year-round golf destination.
The local cost of the event was $7 million, including the title sponsorship, contributions by non-title sponsors and $2.9 million from the Bermuda Government, which included spending to help run the event and prepare Port Royal for the five annual championships.
Zane DeSilva, the Minister of Tourism and Transport, said: “The tournament highlighted once again Bermuda’s reputation as a world-class sporting venue, proving our island has the talent and expertise to stage a global event of this magnitude.
“I’d like to thank all those who made it happen — especially the staff of Port Royal Golf Course, who demonstrated skill, determination and resilience to complete their work and met the deadline in order for this event to be hosted on the dates originally planned.”
Sean Sovacool, championship director, said: “Beyond the golf course, the Bermuda Championship also has a responsibility to give back to our community, and this is something we take very seriously; last year, a total of $225,000 benefited more than 20 local charities, and we hope to build on that.”
• The 2020 PGA Tour Bermuda Championship remains on schedule to take place from October 26 to November 1
• To view the KPMG report, click on the PDF link under “Related Media”