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.