Cashing in on Olympic Gold
Posted on: June 27 2016
We are in the middle of Olympic Trials season, where the best the USA has to offer will face off head to head to determine who will represent America at the summer games in Rio. And while the trials could pay off in Olympic gold for the athletes, the host cities are striking their own kind of gold.
For example, the USA Swimming Trials under way in Omaha are expected to bring in $35 million-$40 million in economic impact for the seven-day event, up about 20% from the last time they were the host, in 2012. The area’s 30,000 hotel rooms already are booked. Of the event tickets sold for the Trials, it’s estimated that 90% have been sold to guests outside of Nebraska. And remember, the NCAA College World Series is still going on (finals start Monday) so Omaha is bustling with sports tourism guests—and their dollars.
And next month USA Gymnastics will hold its Olympic Trials July 8-10 trials at SAP Center in San Jose.
San Jose hosted the 2012 trials, the 2007 U.S. championships and other gymnastic events in the past. After the 2012 trials, the San Jose Sports Authority hired SportsEconomics LLC to carry out an economic impact report. According to the report, the trials attracted 40,550 visitors to San Jose and resulted in $27.9 million of direct spending in the city that wouldn’t have occurred otherwise. This led to $1.6 million of new tax revenue for the city.
Back in 2012, men’s gymnastics also had their trials in San Jose, but this year they’re split—the men will be in St. Louis. But the Sports Authority says it doesn’t expect a drop in visitors because of expected capacity crowds and increased interest in the USA Gymnastics National Congress, which will be at the San Jose Convention Center during the same time.
Here’s one more example: This year’s Olympic Track and Field Trials will be held at historic Hayward Field at the University of Oregon in Eugene in 2016 – the third straight trials to be held there. The state of Oregon estimates the economic impact of the 2012 Olympic Trials was $37 million, and the 2016 version is likely to bring even more money to Eugene-Springfield and the state.
So you can see how the Olympic trials not only are paying off big for Team USA, but also for the host cities and states.