There’s more to a sports team than simply placing odds on bets and winning games on sites such as Betting24.fi. When visitors come to its games, the Miami Dolphins NFL club generates an impressive sum for Florida’s economy, helping to produce profits for locally based enterprises.
The City of Miami is sports crazed. There are several reasons to visit, whether for basketball, tennis, baseball, or football. However, it’s the NFL club that draws the most fans and, whenever possible, puts a massive grin on the faces of all other businesses, both for Miami and Florida.
The Miami Super Bowl Host Committee recently released a report finding the documentary of the historic game Super Bowl LIV’s economic impact. The record-making game saw two records cross paths as the city hosted their 11th super bowl, which is record-breaking and the conclusion of the NFL’s 100th season. The event took place at Hard Rock Stadium back on February 2, 2020.
The report findings claim that Super Bowl LIV resulted in $572 million in additional expenditure in Florida. Traveling fans, NFL clubs, media outlets, and the NFL and the Dolphins spent a combined sum of $275 million to actualize the event. Hosting the event meant additional nearly 5,000 yearly employments, which resulted in $34 million in revenue.
Dolphins Team Value is estimated to be at $3.42 B in August 2021. Stephen Ross is the owner, having won two championships. Their revenue is $372 M with an operating income of $7.9 M. The metro area population stands at 6.2 M.
Miami Dolphins saw a revamp on Hard Rock Stadium as it was upgraded, and substantial capital enhancements followed to allow the City to have the right to hold one of the world’s best sporting events. The renovation took place during the 2015-2019 season, seeing the owner Stephen Ross inject $579 million into the project. Ross was a man of words when Hard Rock hosted Super Bowl LIV as it also brought along numerous opportunities to South Florida. He expressed his gratitude to the NFL, Miami Super Bowl Host Committee, and the Dolphins Staff for their endless dedication throughout the whole process.
Miami didn’t disappoint either and lived to everyone’s expectations, delivering one of the finest Super Bowls witnessed.
Super Bowl LIV Economic Impact on Miami
Super Bowl LIV, held at Rock Stadium, brought in over $500 million to Florida. Reports indicate the sporting event created over 4,500 jobs, both part and full-time, translating to close to $571.9 million for the city. Most of the jobs created were art, entertainment, and recreation based. The accommodation and Food Service Industry occupied almost a third of the total employment. The figure is a blend of value-added GDP, city production revenues, and labor income.
Visitors and tourist spending accounted for close to half of the sum, while fans, media outlets, and NFL personnel spent nearly $246 million overall.
Miami has a beach, and this was among the favorite tourist locations making it experience the most significant economic benefit from the Super Bowl LIV with an estimate of $200 million. The hotels were booked, hotel rooms prices spiked, escalating from $370 a night to almost triple the amount to $938 per day. The average day one would spend in Miami was three days; a media member would send approximately $2,154 each day.