Monday, August 31, 2009

US Open, a Money-Making Machine: $450M for New York

As an avid tennis fan, here is a article that touches two of the things that I love: tennis and financial markets. The main rounds of the US Open start today (qualifying started last week).
Bloomberg states today that the US Open brings about $450M to New York City:
"The worst recession since the Great Depression hasn’t diminished interest. The USTA said it sold all 84 of its luxury suites and forecast ticket sales to exceed 700,000, probably falling short of last year’s 720,227 record.
The $450 million annually the tournament generates for the city’s economy is more than the four major professional sports teams based in New York combined." "Last year, the Open earned more than $100 million on revenue of more than $200 million, according to the SportsBusiness Journal.
“The USTA has done wonders for us, and they’re a money- making machine for themselves,” Podziba said. “I wish we could have two or three more U.S. Opens each year for our economy, and we especially now could use it.” "

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