Empty Corporate Tents At U.S. Open Sign Of Economy Hitting Sports
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Even At Premier Events Like U.S. Open,
Corporate Spending Continues To Sag |
Several U.S. Open hospitality tents at Bethpage Black Golf Course earlier this week "had signs on their doors that read, 'Tent Closed,'" and their absence, "although early in the week, was another reminder that corporate spending on sports -- even at premier events like the Open -- is continuing to sag as the recession wears on," according to Ken Belson of the N.Y. TIMES. A stretch of tents along the first fairway known as the Tillinghast Village was "nearly empty" on Tuesday, while the Empire Village along the 18th fairway also had "little activity." Banks, automakers and other companies that "have accepted public bailouts have been chastened for their sponsorship deals and luxury suites at tournaments, arenas and stadiums." Some have "stayed away from the Open, while those that bought tents before the downturn hit full stride last September are keeping a lower profile this year." USGA Chief Business Officer Pete Bevacqua: "Everything has been dialed back a bit. Conspicuous consumption is not in vogue." Bevacqua said that the "days of selling 75 tents at a tournament were over and that the association sold about 50 to this year's Open." To compensate, the USGA "sold more individual tickets to the three practice rounds." Bevacqua "expected revenue from hospitality tents, catering, tickets, merchandise sales and other items this year to be about 20[%] lower than what the association had hoped to bring in when times were good, though he still expected the event to turn a profit" (N.Y. TIMES, 6/18).
BACK SWING: BLOOMBERG NEWS' Michael Buteau notes the USGA was "left with about 1,500 additional daily and weekly ticket packages to sell to the public ... because organizers sold less than 50 hospitality tents." The tents that were sold "remain shrouded in anonymity," as there are "no visible marquees because the occupants don't want to be known." N.Y.-based Gilford Securities Senior VP/Research Casey Alexander said the economic downturn has "put golf sponsorship on the wrong side of public perception." Alexander: "It's on the radioactive list." But Bevacqua said that golf has an "economic recovery plan that even a government bailout can't match -- Tiger Woods." Bevacqua: "He's our own TARP money." Bevacqua is "among those who are counting on Woods ... to help keep the industry afloat because he draws fans to the sport" (BLOOMBERG NEWS, 6/18).
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