Money boost

Economy cops benefits from CPL 2016

BRIDGETOWN, Barbados – The Barbados economy received a generous boost from the Caribbean Premier League staged earlier this year, according to an Economic Impact Assessment released by organisers on Tuesday.

Nearly US$16 million (BDS$32 million) was pumped into the local economy as a result of the tournament which was staged in the Caribbean and the United States from June 29 to August 7, with US$102 million flowing into the Caribbean region overall.

Barbados, which served as hosts for the Barbados Tridents franchise, staged four games between July 11-17 at historic Kensington Oval and visitor spend was estimated at US$1.6 million.

According to the study carried out by United Kingdom-based research firm, SMG Insight/YouGov, the Barbados Tourist Board’s short sponsorship deal with the Tridents franchise managed to generate US$7.7 million in media value – representing a 128 per cent increase over the 2015 numbers.

“With a TV audience of 13.8 million for Tridents’ home matches, in all 24,730 fans attended matches in the Kensington Oval, Bridgetown during the 2016 season,” the EIA said.

CPL organisers also invested US$1.7 million – an increase of 22 per cent over last year.

Of the seven host venues for this year’s CPL, Barbados was only second to St Kitts and Nevis in terms of the economic impact.

St Kitts, which hosted four preliminary games from June 30 to July 5 and the playoffs and final from August 3-7, topped the numbers in the study with US$22.7 million.

Organisers said the hosting of the games at Warner Park had a significant impact on job creation, hotel room stock along with general marketing of the destination.

“The investment by the CPL amounted to a 22 per cent increase to $1 664 540, while the total visitors spend saw a 12 per cent increase from the 2015 season to $3 690 911,” the study said.

“The media value from the eight combined matches (factoring TV and digital brand exposure, tourism imagery and verbal mentions) jumped by 70 percent to $8 262 632. Hosting CPLT20 in the Federation created 240 local jobs and filled 3,899 hotel room nights.

“With a combined TV audience of 37 million for the four Patriots’ home matches and the Hero CPL finals, in all 35 124 fans attended matches at Warner Park during the 2016 season.”

Trinidad and Tobago, which hosted four games between June 29 and July 4, also benefited to the tune of US$14 million from the CPL.

However, investment by organisers was down along with total visitor spend which dropped 25 per cent over last year to US$2.9 million.

St Lucia, meanwhile, enjoyed an injection of US$10.8 million into its economy with visitor spend and media value also rising significantly over last year.

“There was a substantial 36 per cent increase on the total visitor spend throughout the island while the media value and tourism board exposure increased by a staggering 107 per cent, helped by a shirt sponsorship deal with the St. Lucia Tourist Board,” the study said.

“Hosting CPLT20 in St. Lucia created 261 local jobs and filled 2,237 hotel room nights.”

Guyana’s four preliminary games saw US$15.4 million pumped into the economy, though visitor spend fell by four per cent while Jamaica benefited to the tune of US$11.1 million.

Visitor spend rose 25 per cent to US$2.9 million for the Sabina Park games.

According to the EIA, CPL visitors spent US$20.4 million during the tournament, an increase of 31 per cent over last year.

Last year, the overall economic impact of the CPL on the region was estimated at US$76.2 million.

The CPL is the region’s premier T20 championship and is contested by six franchises – the Tridents, St Kitts and Nevis Patriots, St Lucia Zouks, Guyana Amazon Warriors, Trinbago Knight Riders and Jamaica Tallawahs.

This year’s tournament was won by Tallawahs who defeated Amazon Warriors in the final.

One Response to Money boost

  1. Smiley December 7, 2016 at 3:25 am

    Use that money wisely and don’t keep any as your personal pocket change Mr.politician

    Reply

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