7.08.2014

One Fight = Lots of Money into the Economy



Sports Agent delves into the economics of two of my favorite sports:
MMA and Boxing both call Las Vegas the capital of their respective sports. To analyze the economic impact these sports have on the world we will look at recent fights in Las Vegas by boxing superstar Manny Paquiao and MMA superstar Anderson Silva and how those fights and future fights affect the economy.  On fight weekends, that impact extends from an uptick in gambling to an increase in everything from hotel rates to the price of bottle service at local nightclubs. [1] In a city that lacks even one franchise in any of the major professional sports leagues, tourism is driven by events, few bigger than a championship prizefight. 
And the numbers:
Todd DuBoef, president of Top Rank Boxing, chewed over a chopped salad and Pacquiao’s economic boost in a typical fight week. Asked if that impact reached $100 million, he scoffed. “No,” he said. “It’s way more. Not $100 million. Hundreds of millions.” [3]  “It’s hard to put a specific number on it,” said Josh Swissman, vice president for corporate marketing at MGM Resorts International. “But it’s a marked increase. A fight weekend like this is like New Year’s Eve for us. And New Year’s Eve is the biggest night in the whole city.” [4] 
Keith Kizer, executive director of the Nevada Athletic Commission said the buzz surrounding fight weeks has come later in recent years, starting a week before, not three. Yet this fight sold out two weeks after tickets hit the market, for a projected $11.8 million in gross sales, which would rank ninth for all fights. [5] 
The commission, Kizer said, receives 6 percent of the gate, in addition to a $50,000 fee, good for $758,000, based on the projection. “One fight,” Kizer added, “basically covers our entire budget.” [6] The impact boxing has on Las Vegas and other places around the world has been tremendous and will continue to help boost recovering economy’s like Las Vegas. 
“The economic impact for Las Vegas, we don’t have all the numbers yet, but it’s somewhere between $93 and $140 million on a week where this town would have been dead,” said UFC President Dana White regarding UFC 148 this past July.  
I also hope a portion of that money goes towards a pension fund and a health fund for the lower echelon fighters who will never command what Pacquiao makes.

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