2022 Presidents Cup Delivered Record-Breaking Impact for Charlotte’s Regional Economy
CHARLOTTE, N.C. (December 13, 2023) – The Presidents Cup, a biennial PGA TOUR international team competition, made its first-ever trip to the Southeastern United States in 2022 and left a lasting impression. Held in Charlotte at Quail Hollow Club, the multi-day event produced an estimated $131.5 million in total economic impact for the region, earning the title of the largest single sporting event the city of Charlotte has ever hosted.
“Strategic events provide so many positive benefits to the local economy and contribute to our quality of life,” said Steve Bagwell, CEO, Charlotte Regional Visitors Authority (CRVA). “It was an incredible honor for the community to host this prestigious event and a fantastic opportunity to showcase Charlotte’s warm hospitality to participating teams, corporate sponsors, media and visiting golf enthusiasts. We’re proud to have been a part of something so special.”
“Charlotte has a storied history as a world-class city for sporting events, and we knew the 2022 Presidents Cup would add to that strong legacy,” said PGA TOUR Senior Vice President of Championship Management, Matt Rapp. “Fans came to the Queen City to witness a thrilling international team competition, and in doing so, left a positive impact on one of the game’s most supportive communities. It was truly an incredible week at Quail Hollow Club and one that raised the bar for all future Presidents Cups to come.”
The 2022 Presidents Cup took place September 20-25 and featured a total of 30 matches between the 12-person U.S. and International Teams. Preparations for the event, as well as the influx of players, fans and media, generated an estimated $79.8 million in direct spending impact. Additional outcomes and insights include:
- Of the total estimated $79.8 million in direct spending, $46.3 million is attributed to off-site visitor activity at local restaurants, hotels, retailers, recreation/entertainment venues and spending on transportation.
- $33.5 million of the total direct spend is attributed to organizational expenditures by the PGA TOUR. Those expenditures included local staff, security, food and beverage, media production, transportation, insurance, and business and professional services, among others.
- Expenditures associated with Presidents Cup produced an estimated $8.7 million in state and local tax revenue ($4.6M and $4.1M, respectively).
- An estimated 200,000 people attended over the duration of the event, with nearly three quarters (71%) originating from outside Charlotte. Close to half (48%) of attendees stayed in the area overnight, while 23% were day visitors. The remaining 29% were local residents.
- A total 145,147 hotel rooms were sold during the six days of the 2022 Presidents Cup, 39% more than the same six-day period the previous year. (Source: STR)
- Hotel occupancy for the six-days averaged 79%. Occupancy peaked on Saturday, Sept. 24 at 89%, selling 27,318 rooms, the 7th highest room demand for a single day in Mecklenburg County history at the time. (Source: STR)
- The average hotel room rate across the county reached $167.64 for the six days, which was 54% higher than the same six-day period the previous year. (Source: STR)
- In addition to the nearly $132 million in economic impact, the event garnered tens of millions of dollars in media value across broadcast, print and digital media globally. Beyond the broadcast, there were approximately 500 participating media members in Charlotte covering the Presidents Cup.
- Over 35 Charlotte-based businesses and restaurants partnered with the Presidents Cup to provide services to fans, media, players, staff, and volunteers. An additional eight (8) national vendors with Charlotte branches also participated in the event.
- The tournament was supported by a volunteer force of more than 1,700 volunteers. Volunteers lent their time working on various committees ranging from player services, course setup, gallery management, media, caddie services, hospitality and many more, each essential to the operation of the Presidents Cup.
While not every hotel room sold in Mecklenburg County during the event timeframe can be attributed to Presidents Cup, the event’s quality and scope undoubtedly contributed to increased hotel room demand and rate growth.
The CRVA has long touted the benefits associated with recruiting and hosting strategic events: the creation of significant economic impact that is reinvested back into the community to enhance quality of life for Charlotte residents and visitors; support of valuable hospitality sector employment that represents one in nine jobs in the Charlotte region; and extensive national and international media exposure that the city could never afford to generate through traditional paid marketing avenues.
Leisure & Hospitality is the region’s fourth largest industry sector behind trade, transportation, and utilities; professional services; and government, and accounts for 138,100 jobs. According to a 2022 study commissioned by Visit North Carolina and conducted by Tourism Economics in collaboration with the U.S. Travel Association, visitors spent $5.3 billion in Mecklenburg County alone, making it the top destination for visitor spending in the state. The tax revenue impact from visitors has helped the city fund and develop some of Charlotte’s most valued community assets – Truist Field, renovations at Bank of America Stadium and Spectrum Center, The Westin Charlotte, Charlotte Convention Center and its expansion, Levine Center for the Arts, NASCAR Hall of Fame and others.
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Methodology
To quantify the economic impact of the Presidents Cup in Charlotte, Tourism Economics prepared a comprehensive model using multiple primary and secondary data sources to calculate the impacts arising from the operations and visitor spending. The economic impacts of the Presidents Cup’s direct spending were estimated using a regional Input-Output model based on a customized IMPLAN (implan.com) model for the Mecklenburg County economy.
About the Charlotte Regional Visitors Authority
The Charlotte Regional Visitors Authority works to deliver experiences that uniquely enrich the lives of our visitors and residents. Through leadership in destination development, marketing and venue management expertise, the CRVA leads efforts to maximize the region’s economic potential through visitor spending, creating jobs and opportunities for the community. Brands supported by the CRVA include the Charlotte Convention Center, Spectrum Center, Bojangles Entertainment Complex, NASCAR Hall of Fame, Charlotte Regional Film Commission and Visit Charlotte in conjunction with the region’s destination marketing brand. Find more information at crva.com.