Toronto Businesses Win Gold During Pan Am Games

August 11, 2015

Before the 2015 Pan Am Games began, many Toronto hotels, entertainment venues and shops wondered how the event would affect their bottom line. Well, now that the Games have ended, Moneris data shows that spending increased year-over-year in nearly every category, making the event a boon for many businesses in the Greater Toronto Area (GTA).

More than 6,000 athletes from 41 countries attended the Pan Am Games in Toronto, making it the largest sporting event the city has ever hosted. For local businesses, there was a promise of another big draw: spending by tourists.

Moneris data shows that the Pan Am Games delivered. Let’s take a look at some of the Games’ big winners, with the spending increases compared to the same two-week period last year:

Hotels:

  • Overall hotel spending in the GTA rose 8.20 per cent, while the number of hotel transactions increased by 22.62 per cent.
  • On international debit and credit cards, spending increased by 20.39 per cent, likely due to the influx of tourists and athletes.

Entertainment:

  • In the downtown area, entertainment spending rose by 53.19 per cent overall, and by a whopping 260.32 per cent on international cards during the two-week period.
  • On July 26th, the day of the Closing Ceremonies, entertainment spending in and around the Rogers Centre spiked, rising by 409.52 per cent on foreign cards and 81.85 per cent overall.

Beyond Toronto:

  • In Milton, international spending increased by nearly two-thirds (64.46 per cent) during the three days of indoor cycling events at the Mattamy National Cycling Centre.
  • Baseball events were held in Ajax, where spending on international debit and credit cards jumped by 85.7 per cent during game days.
  • Hamilton, home to the Games’ soccer tournament, saw dollars spent on international debit and cards spike by a whopping 124 per cent.

Despite initial concerns about traffic congestion, low ticket sales and pressure on city resources, the 2015 Pan Am Games were a success.

See also: Pan Am Games – Bringing the World to Our Doorstep

 


This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be liable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.

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