USGA Will Net Almost $50M In Profits For U.S. Open
The USGA for this week's U.S. Open at Torrey Pines Golf Course is "expected to generate up to $50[M] in profits," which would make the event "one of the most successful Opens of all time," according to Jon Show of SPORTSBUSINESS JOURNAL. The tournament's total revenue "should be close to $100[M]," including estimates of $20M in ticket sales, $15M each for corporate hospitality and merchandise and $5M in food and beverage. The total revenue also includes approximately $40M from domestic and int'l TV revenue. Based on U.S. Opens held at courses comparable to Torrey Pines, the expenses of this week's event "should be about $50[M]." The USGA declined to confirm the profit projections, but USGA Chief Business Officer Pete Bevacqua said that "he expects this year's event to match up or top previous high marks" for the '99 U.S. Open at Pinehurst and the '02 tournament held at Bethpage. Bevacqua: "I think this will be among the most profitable. There's no reason to think it won't." Show notes ticket revenues "likely will be near $20[M] at Torrey Pines, which will host 42,500-ticketed fans per day from Monday through Sunday, tying the previous record set at Bethpage" in '02. Industry sources believe that the U.S. Open is the "highest grossing of the four majors in men's professional golf," though direct comparisons to The Masters and British Open are "difficult because both are planned by private clubs that do not file public tax records or financial statements" (SPORTSBUSINESS JOURNAL, 6/9 issue).
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