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Economic Impact of a PGA Tournament (Mcgladrey Classic) On

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Economic Impact of a PGA Tournament (Mcgladrey Classic) On Journal of Business and Economics, ISSN 2155-7950, USA August 2018, Volume 9, No. 8, pp. 713-723 DOI: 10.15341/jbe(2155-7950)/08.09.2018/008 Academic Star Publishing Company, 2018 http://www.academicstar.us Economic Impact of a PGA Tournament (McGladrey Classic) on Surrounding Area Dominique Halaby, Benjamin McKay, Kristen Ruhland (Georgia Southern University, USA) Abstract: This study estimated the economic impact of the 2013 McGladrey Classic Golf Tournament (since renamed the RSM Classic) on Glynn County, Georgia. It was held at the Sea Island Golf Club, Seaside Course on Sea Island, Georgia in early November (7th through the 10th). This tournament is one of the stops for the PGA TOUR. The direct impacts were generated from spending from out-of-town visitors. These visitors included spectators, volunteers, title sponsor guests and the staff of the broadcast partner. In order to estimate the total amount of spending related to this event, the research team administered a survey to both volunteers online, prior to the event, and to spectators in person at the event. Additional expenditure data for the Golf Channel staff and McGladrey guests was provided by the Davis Love Foundation, host of this tournament. Key words: sports tourism; golf tourism; event economic impacts JEL codes: Z200 1. Introduction 1.1 Economic Impact of Sports Sporting events can be the source of a significant boost in economic activity leading up to and after the experience. This influx of money, exposure and economic stimulation is a primary motivation for many cities and towns to host such events. There are many reasons why an area would host a major sporting and other tourist events. Economic development and growth, improved perception of the surrounding area and other marketing benefits, social and cultural benefits, job creation, infrastructure development are just a handful of such reasons (Saayman & Saayman, 2014). Several studies have looked at the effects hosting sporting events has on the surrounding areas. Evaluation of the economic benefit these sporting events have on host cities assist organizers and business owners, alike, as they plan and develop business models that forecast sales during the event (Dixon, Backman, Backman, & Norman, 2012). A number of studies have been conducted that evaluate the effects hosting sporting events has on larger metropolitan areas. Additionally, research has focused on the effect, in totality, of all sports-oriented occasions in a given area, including professional and amateur events. In 2011 it was determined that the economic impact of sports and sporting events on the Charlotte metropolitan statistical area (MSA) totaled over $1 billion to the region directly and over $2 billion indirectly (Connaughton & Swartz, 2014). This research relied on a combination of primary data collected in the form of an email survey. Secondary data provided by the Charlotte Dominique Halaby, Doctor of Public Administration, Georgia Southern University; research areas/interests: economic development. E-mail: [email protected]. 713 Economic Impact of a PGA Tournament (McGladrey Classic) on Surrounding Area Sports Commission, the Charlotte Regional Visitors Authority and other sources was also used to determine the direct and indirect economic effects. The study utilized the IMPLAN input-output methodology to assess the economic impact and employment information the sports industry had on the region’s economy. 1.2 Economic Impact of Golf Whether through participation or spectatorship, golf has a huge impact on the national economy. With over 15,000 courses across the nation, golf has been found to have $176.8 billion impact (direct, indirect and induced) on the national economy. Additionally, one out of every 75 jobs in the U.S. is impacted by the golf industry (SRI International, 2011). The impact golf has on Georgia mirrors that of the national trend. Georgia is home to 538 golf courses and employs approximately 57,000 full-time workers in the industry (LoveToKnow Corp, 2017; We Are Golf, 2017). It is estimated that golf’s direct economic impact on the state of Georgia totals $2.4 billion, with a total economic impact $5.1 billion (direct, indirect and induced). Included in the economic impact of golf is a number of core industries. Golfers and golf enthusiasts not only spend money on professional lessons, green fees, and golf related equipment, merchandise, and apparel, but also on attending professional golf tournaments, which is the focus on this article. Major golf tournaments sponsored by the national golf associations (PGA of America, PGA Tour, USGA and LPGA) generated $1.2 billion in revenue (SRI International, 2011). None of these tournaments are more coveted than those sponsored by the PGA. Of the 51 official PGA TOUR events scheduled for the 2013-2014 golf season, Georgia was one of only nine states to host multiple tournaments, including The Masters Tournament and the McGladrey Classic Golf Tournament (since renamed The RSM Classic in 2015) (PGA Tour, 2017). 1.3 Methodology and Results of Localized Impact Studies of Golf In 2005, the University of Florida estimated the impact of another major sporting event, The Players Championship tournament in Ponte Vedra Beach, FL (Stevens, Hodges, & Mulkey, 2005). This analysis utilized on-site survey data collected by EventCorp Services, Inc as inputs into the IMPLAN system. Over 2,400 usable surveys were collected from tournament attendees. Additional information was provided by the PGA regarding the number of players, caddies, officials, directors, and TV crew at the event. The analysis concluded that the approximately 72,000 attendees stayed in Ponte Vedra an average of 2.5 days each. The tournament participants and crew numbered 1,267 and stayed an average of 5.86 nights each. Expenditures during the tournament by both groups totaled over $53 million dollars, resulting in an economic impact of almost $96 million. The University of Georgia performed a study estimating the impact of the 2007 PGA TOUR Championship held at the East Lake Golf Club in Atlanta, GA using the IMPLAN system (Selig Center for Economic Growth, 2008). This study estimated there were 68,000 visitors, 1,250 participants, and 1,200 volunteers, who spent a combined total of $20 million. This spending generated a total economic impact of over $31 million. This study did not utilize a direct survey, but obtained data from several sources, including the PGA. Additionally, the National Golf Foundation uses IMPLAN to conduct economic impact studies, as shown in the study conducted for the state of Oklahoma. The study determined that golf contributed to $546 million in direct and enabled sales to the state economy (National Golf Foundation, 2007). In this study, the researchers noted that the input-output model available through IMPLAN was used due to the extraordinary amount of time, knowledge and cost associated with determining industry-specific data for all industries affected by golf. All of these studies estimate very different amounts for total spending given the varied estimates of visitors and array of sporting events included in each. It is necessary to use caution when comparing the results between various impact studies. Often, the assumptions, data, and methodology of a study are very specific to that study, 714 Economic Impact of a PGA Tournament (McGladrey Classic) on Surrounding Area and may not be applicable to other studies. Also, these analyses attempt to estimate economic impacts, but there is no way to measure impacts directly. Estimates can vary significantly between studies. It does not mean that these results are inaccurate, but that each set applies to the specific parameters of its study (such as the size and composition of the geographic area studied). When looking at these results, it is important to fully understand the methodology behind the study, so you know exactly what the results mean. An economic contribution study can assess the importance a given event or experience may have on the surrounding area’s economy (Watson, Davies, & Thilmany, 2008). Input-output models are typically used in impact studies due to the reliance on matrix algebra and the multiplier estimates that are applied to spending estimates (Saayman & Saayman, 2014). A number of research studies have been conducted to determine the economic impact golf has on surrounding areas. A full-scale research process involving all local businesses that may be impacted by the given event is prohibitively expensive. Therefore, many economic impact studies use modeling based on national averages which can be conducted using software packages. One such software package, IMPLAN, was used in this study (Watson, Davies, & Thilmany, 2008). A number of these studies used the IMPLAN input-output model to assess economic impact due to the flexibility and ability to collect and process data in a timely and cost-effective manner. To estimate the economic impacts for this study, the input/output model IMPLAN was used. For this analysis, three variables were used to demonstrate the impact of this program. Three economic impact results are provided for each study using IMPLAN: change in area sales, personal income or employment (Wassmer, Ong, & Propheter, 2016). They are based on the IMPLAN’s 2011 data. All of the estimates in this report cover a one-year time period. In order to increase the usefulness of the report and the clarity of this analysis, we have included a discussion of IMPLAN’s methodology. Input-output models, like those used in IMPLAN, provides excellent descriptive capabilities to help analysts determine the impacts events and businesses have on the local economy. These types of studies can provide direct linkages between the studied event and the regional economy during the event (Watson, Davies, & Thilmany, 2008). Input-output analysis, like that conducted using IMPLAN, is one of the most common methods used to estimate the effects visitors spending has on a community hosting an event (Drakakis & Papadaskalopoulos, 2014).
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