What an event Super Bowl LIV was for fans of sport! It provided plenty of thrills on the field with those who backed the Kansas City Chiefs finding it extra special!
From those fans of sports betting West Virginia to other states where sports betting online is also legal, putting money on the Chiefs was a great call. It was not only the side from Kansas, and their followers, who were celebrating the positive impact of the Super Bowl – Miami as the host city also had a lot to thank it for.
There is no doubt that hosting Super Bowl LIV at the Hard Rock Stadium in February 2020 was a real coup for Miami. While this was obviously in a sporting sense, the economic boost it provided was welcome, too. It is estimated that 200,000 people visited the Miami-Dade area for this global event and that it generated around $500m in revenue for the region. Miami itself was the major winner in all this as the hosting city. However, other locations in the South Florida region also benefited from the economic windfall of hosting Super Bowl LIV.
But exactly how did Miami’s economy get a lift from hosting the game?
Lots of free publicity
In addition to the $500m, it has been estimated that hosting brought in, there is also the free publicity to the tune of $200m to take into account. The finale of the NFL season is such a huge international event that hosting it gives any city tons of free marketing that is almost impossible to find anywhere else. In terms of economic impact, this gave Miami a superb chance to show what it has to offer people globally to attract them to visit in the future. It is not just internationally that this should work either. Many people from within the USA will have seen Miami on an NFL news broadcast and have made plans to visit the city.
Boost to local businesses
There is no doubt that businesses within Miami got a real boost, and this helped to make the entire local economy stronger as a result. Shops, hotels, cafés, bars, and restaurants will all have made a lot of extra cash during the whole weekend. It has allowed them to put the extra money into not only safeguarding their future, but also expanding their business by taking on more staff. Room rates spiked up to $5,000 per room during the event, which has given those offering rooms in the Miami-Dade region an economic boost. We have already mentioned that around 200,000 people flocked to the city during Super Bowl LIV weekend – this amount of extra custom gave local businesses a real shot in the arm.
Return visitors to boost tourism
We have already looked at how the national and global attention Miami received should help attract new visitors to help the economy. In addition to this, the city should also see a positive impact in the future from all the people who will return after coming down for the latest NFL season finale. Those who attended this event will have experienced first-hand how welcoming, vibrant, safe, and exciting Miami can be. That will undoubtedly make them more likely to come back when planning another break and also tell their friends about how amazing the city is.
Grant incentives for hosting the event
A practical boost to Miami’s economy came in the form of the Super Bowl Legacy Grant Program. The NFL Foundation gave $1m to the city for hosting the event, and further money was provided by the Miami Dolphins and the Miami Super Bowl Host Committee. In all, the extra cash pumped into Miami came to $2.4m!
This money has been used to improve the lives of people in the South Florida area through five capital improvement deals. From new lighting in Bayfront Park to new AstroTurf in Gwen Cherry Park, it has seen more money come into the public purse to improve facilities in Miami.
Super Bowl LIV was a great occasion
Although Miami is no stranger to hosting awesome sporting events, the latest Super Bowl was a real cracker. Of course, it helped that the game itself was a great watch as the Chiefs stormed back to take the win. Miami also played its part in making this occasion truly special by ensuring everyone who attended had a fabulous time. The payback for this hard work has been a massive boost to the city’s economy – both at the time and into the future.
