"Indefinite Postponement" Masters "Economic Value is 153.3 Billion Won"

$125 Million in Sales and $30 Million in Net Profit, Impacting the Augusta Regional Economy

The Masters generates $125 million in revenue without a title sponsor.

[Asia Economy Kim Hyun-jun, Golf Specialist Reporter] "At least 125 million dollars (153.3 billion KRW)."

This is the economic value of the first major tournament of the season, the Masters. The Augusta Chronicle, a daily newspaper in Augusta, Georgia, USA, reported on the 16th (Korean time) that "according to research by Richard Franza, Dean of the Augusta University College of Business, the impact of the Masters on the Augusta regional economy reaches 125 million dollars." Steven Kendrick, the local IRS chief, added, "In Augusta, the Masters week is so lucrative that it is called the '13th month'."

However, this year, the tournament was indefinitely postponed due to the spread of the novel coronavirus (COVID-19) in the United States. This schedule change is the first in 75 years since World War II in 1945. The spotlight was even more intense as it was the title defense of the 'Returned Golf Emperor' Tiger Woods (USA). Experts predict that "regardless of whether the tournament resumes, the income scheduled for April will disappear, causing a significant impact on the local economy."

It is interesting that the Masters generates 125 million dollars in revenue without a title sponsor. Last year, ticket sales alone recorded 35 million dollars. This includes 13 million dollars from 325-dollar badges for patrons, 10 million dollars from 150,000 practice round tickets, and 12 million dollars from the VIP viewing facility called 'Birkman's Place.' Food and beverage sales amounted to 10 million dollars, and souvenirs sold out quickly. The pro shop earned 50 million dollars, and TV broadcasting rights brought in 30 million dollars. The tournament generates 30 million dollars in just one week.

According to statistics, more than half of the CEOs of the top 500 companies in the United States, selected by the economic magazine Fortune, visit Augusta. Businesspeople close 'big deals' at parties held throughout the week. Considering that the economic effect of the Masters spreads worldwide, its value is practically immeasurable in monetary terms. Augusta, a small city with a population of only 200,000, attracts over 200,000 tourists, causing accommodation prices to skyrocket.

Residents rent out their homes and travel far away during this period. Expensive 'Masters-only menus' appear in restaurants, and green fees at nearby golf courses are "priced as high as you can name." All of this 'Masters boom' disappears in an instant. Dan Elliott, head pro at Forest Hills Golf Club near Augusta, expressed concern, saying, "15% of our annual budget is covered by income from Masters week," and "more than half of our booked customers will likely request refunds."

The Masters was recently postponed indefinitely due to the impact of COVID-19, resulting in the disappearance of the usual surge in demand in the Augusta area this year.

This content was produced with the assistance of AI translation services.