… Caribbean enjoyed USM boost
Guyana benefited significantly from the Caribbean Premier League (CPL) cricket tournaments last year, with some US$17 million being pumped into the economy.
CPL’s Chief Operations Officer (COO), Pete Russell, during an exclusive interview with Guyana Times explained that the games’ economic impact locally has been both direct and indirect.
He said assessment reports compiled by CPL showed that our economy received close to US$17 million last season.
Russell explained that the net sum is calculated by looking at the influx of tourists to the country, hotel bookings, vending during the games, and the overall spending of persons during this period.
In fact, some US$90 million was poured into the entire Caribbean region in 2016 as a result of the CPL tournaments.
With plans to make the CPL T20 games bigger and better this year, it is anticipated that the economies of host countries will experience greater benefits.
In a study carried out by United Kingdom-based research firm, SMG Insight/YouGov, the tournament which was staged from June 29 to August 7, generated US$102 million across all seven host venues.
Florida’s Central Broward Stadium was the only non-Caribbean venue used during the tournament, as matches were held in the United States for the first time.
The new figures represent a considerable rise over the previous year when the tournament had an estimated economic impact of US$76.2 million overall.
St Kitts, which hosted four preliminary games from June 30 to July 5 and the playoffs and final from August 3-7, were the biggest recipients with US$22.7 million (EC61.2 million) injected into its economy.
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.
Barbados, meanwhile, also enjoyed a bounce in its economy with nearly US$16 million (BDS$32 million) pumped into it.
The four games between July 11-17 at historic Kensington Oval, featuring the Barbados Tridents franchise, saw a total visitor spend of US$1.6 million.
The Barbados Tourist Board’s shirt 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.
Trinidad and Tobago benefited to the tune of US$14 million (TT$93.6 million) from the CPL though total visitor spending dropped 25 per cent over last year to US$2.9 million.
St Lucia, which witnessed St Lucia Zouks reaching the playoffs for the first time, saw US$10.8 million flowing into its economy with visitor spending and media value also rising significantly over last year.
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.
Last year’s tournament was won by the Tallawahs who defeated the Amazon Warriors in the final.