Bermuda generated US$22.6 million from the inaugural PGA Tour Bermuda Championship last year and expects to do even better at the 2020 event.
That is based on a direct economic impact of $7.8 million, which generated an additional $10.6 million impact on the economy, while the value of international media exposure was $4.2 million.
The overall estimated value of the event to Bermuda represents a 320 per cent investment return on the $7 million cost of staging the event, according to a KPMG economic impact report.
The event last October and November brought more than 2,000 visitors to the island, and attracted almost three million TV viewers.
It was the first of five annual Professional Golf Association Tour events secured by the Bermuda Tourism Authority as title sponsor through 2023.
American Brendon Todd was the winner of the event at Port Royal Golf Course, from a field of 120 professionals, which included five Bermudians. The event was broadcast by Golf Channel and Sky TV.
According to reports, 8,528 of the 10,660 attendees were Bermuda residents, with the rest overseas fans, players and their families, corporate guests, officials, staff, TV crews and vendors.
The Bermuda Tourist Association said the event also contributed legacy benefits for the island, including popularisation of golf and youth sports, deployment of hundreds of volunteers, and promotion of Bermuda as a year-round golf destination.
This year’s PGA Tour Bermuda Championship is scheduled from Oct. 26 to Nov. 1.