Sea Otter Classic brings $28 million to local economy

According to an economic impact report recently released by the Monterey County Convention and...

According to an economic impact report recently released by the Monterey County Convention and Visitors Bureau, the Sea Otter Classic brings in an estimated revenue of $28.6 million for the local community. "With 69% of the audience coming from outside our local market, it not only brings in new revenue but helps in the marketing exposure of our destination," said Julie Armstrong, a spokesperson for the bureau.

Prepared by Fredric Kropp & Associates to assess the economic impact the 2005 Sea Otter Classic had on the greater Monterey/Salinas area, local businesses saw a large increase in revenue during the period that was directly linked to the Classic itself. Findings of the report include:

-When indirect multiplier effects are included, the total estimated impact on the Monterey/Salinas area is $21.51-$28.68 million, based on multipliers of 1.5 to 2.0.

-The direct estimate of the economic impact of the 2005 Sea Otter Classic on the greater Monterey/Salinas area is approximately $14.34 million. This consists of spectator spending of $10.51 million, athlete spending of $2.87 million, and vendor and sponsor spending of $0.92 million.

-In general, spectators were highly satisfied with the Sea Otter Classic - 89% of the respondents agreed that they would recommend the Sea Otter Classic to a friend; 87% agreed that the overall quality is good; and 82% plan to return within the next three years.

-In general, athletes were highly satisfied with the Sea Otter Classic - 96% of the respondents agreed that they would recommend the Sea Otter Classic to a friend, 91% said that their overall Sea Otter Classic experience was either good or excellent, and 95% plan to return within the next three years.

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