HomeMy WebLinkAbout2023 FESTIVALS & EVENTS ECONOMIC IMPACT STUDIES 2.27.24Convention & Visitors Bureau
2023 Resort Events Economic Impact Studies Completed
This item relates to F.A.P Initiative #1.5
Nancy Helman, Director, Convention and Visitors Bureau
Dr. Vincent Magnini, Director, Institute for Service Research
February 27, 2024
Economic Impact on Events
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Dr. Vincent Magnini
Dr. Vincent Magnini is the Executive Director of the Institute for Service Research. He was ranked as one of the top
12 most prolific hospitality researchers worldwide in the most recently published global ranking study. Further, he
is a U.S. Fulbright Scholar. He has published seven books and more than 250 articles and reports. Vince has also
been featured on National Public Radio’s (NPR) All Things Considered, With Good Reason, Pulse on the Planet and
cited in the New York Times and Washington Post.The Institute for Service Research (ISR) is a market research
and economic modeling firm headquartered in Virginia Beach. The firm is incorporated in Virginia and
trademarked with the U.S. patent office.
Examples of work:
•Virginia State Parks Economic Impact Report (conducted annually)
•The Economic Impacts of the Audacy Oceanfront Concert Series held in conjunction with the 60th Annual East Coast Surfing
Championships
•The Economic Impacts of Virginia’s Civil Rights in Education Heritage Trail (with Chuck Wyatt)
•Demand Estimation and Site Selection Criteria for Additional Conference Space in Pikeville, Kentucky (with Esra Calvert and D r. Muzzo Uysal)
•The Economic Impacts of Michigan’s Ports and Harbors (with Dr. John Crotts)
•The Economic Impacts of the Southern Virginia Higher Education Center
•The Fiscal and Economic Impacts of Virginia’s Agritourism Industry (with Esra Calvert and Dr. Martha Walker)
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Vincent P. Magnini, Ph.D.
THE ECONOMIC AND FISCAL
IMPACTS OF THREE
FALL 2023
VIRGINIA BEACH EVENTS
Thank you…
Overview of Research Methods
Modeling Inputs
Visitor Surveys
Event Data Sheet
Ticketing Data
STAR Reports
VB Municipal Records
Modeling Outputs
Economic Impact
Value-Added Effect
VB Tax Revenue Generation
Return Intent
VB Hotel Room Nights
Return on Investment for VB
Modeling results presented as ranges
Neptune Festival
Boardwalk
Weekend
55%45%
Estimated hotel
room nights in
VB:
21,216 – 27,003
81.68%
Neptune Festival Boardwalk Weekend
RETURN ON INVESTMENT
Neptune Festival Boardwalk Weekend
Jeep Fest
59%41%
Estimated hotel
room nights in
VB:
2,368 – 3,014
Virginia MOCA Boardwalk Art Show
86.56%
RETURN ON INVESTMENT
Virginia MOCA Boardwalk Art Show
Jeep Fest
32%68%
Estimated hotel
room nights in
VB:
2,889 – 3,531
87.55%
Jeep Fest
RETURN ON INVESTMENT
Jeep Fest
Research Limitations
Summary
EVENT DATES ECONOMIC IMPACT CITY REVENUES CITY EXPENSES VB HOTEL ROOM
NIGHTS
Neptune
Festival
Sept. 29 –
Oct. 1
$24.5M – $27.7M $1.30M - $1.43M $496K 21,216 – 27,003
Virginia
MOCA
Boardwalk
Art Show
Oct. 20 -
22
$5.0M – $5.6M $156K - $178K $205K 2,368 – 3,014
Jeep Fest Nov. 10 -
12
$1.33M - $1.49M $69K - $78K
(+$16,040)
$28K 2,889 – 3,531
$30.8M - $34.8M $1.5M - $1.7M $729K 26,473 – 33,548 TOTALS:
5 Studies Previously Presented:
Fall 2023
EVENT DATES ECONOMIC IMPACT CITY REVENUES CITY EXPENSES VB HOTEL ROOM
NIGHTS
Bulls &
Barrels
April 15-16 $640K - $722K $31K - $35K
(+$90K)
$148K 414 - 466
SITW April 28-30 $26.1M - $29.2M $1.49M - $1.68M
(+$54K)
$1.78M
(-$305K)
12,630 – 16,719
Jackalope June 2-4 $12.5M - $14.1M $592K - $668K
(+29K)
$1.32M 7,672 – 9,864
NASSC June 9-11 $12.3M - $13.9M $648K - $730K
(+$25K)
$44K 8,565 – 11,124
Beach It!June 23-25 $11.3M - $12.8M $869K - $979K
(+$46K)
$473K 4,315 – 5,837
$62.8M - $70.7M $3.9M - $4.3M $3.5M 33,596 – 44,010 TOTALS:
EVENT DATES ECONOMIC IMPACT CITY REVENUES CITY EXPENSES VB HOTEL ROOM
NIGHTS
$93.7M - $105.5M $5.4M - $6.0M $4.2M 60,069 – 77,558 TOTALS:
Combined Totals Across 8 Studies:
Much more detail is contained
in the three reports.
Satisfaction
information
Thank you!
Vince:
Email: vince@isrTeam.com