WrestleMania® Makes over $100 Million for Host City
STAMFORD, Conn.--(BUSINESS WIRE)-- WWE® (NYS: WWE) announced today that WrestleMania 28 generated a record-breaking $102.7 million in economic impact for the city of Miami and Miami-Dade County this past April, according to a study conducted by the Enigma Research Corporation.
This new record for WrestleMania's economic impact represents a $40 million increase over WrestleMania 27 in Atlanta. WrestleMania 28 also generated approximately $15.3 million in local, state and county taxes.
"WrestleMania Week brought tens-of-thousands of fans from across the globe to sample the beautiful hotels, restaurants and businesses of Miami," said Jose "Pepe" Diaz, Miami-Dade County Commissioner and Chairman of the Miami-Dade Sports Commission. "Our economy, as well as our community, significantly benefited from the week of events, and we thank WWE for shining their international spotlight on our wonderful city."
"We are thrilled that Miami and the state of Florida were the recipients of WrestleMania's largest economic impact ever. This result is a testament to that community's hard work and extensive planning," said John P. Saboor, Senior Vice President of Special Events for WWE. "Commissioner Diaz and all of our public and private sector partners did an exceptional job of welcoming our fans from around the world for WWE's largest annual celebration. We now turn our focus to the New York/New Jersey region for what will assuredly be a historic WrestleMania 29."
A capacity crowd of 78,363 fans from all 50 states and 36 countries attended WWE's pop-culture extravaganza this past April. Key highlights from the study include:
$102.7 million of direct, indirect and induced impact derived from spending by non-locals visiting specifically for WrestleMania XXVIII.
71% of fans that attended WrestleMania were from outside the Miami area and stayed an average of four nights.
The economic impact derived from WrestleMania Week was equal to the creation of 1,020 full-time jobs for the area.
$6.9 million was spent by non-locals at Miami and Miami-Dade County restaurants.
Next year, WrestleMania 29 will take place Sunday, April 7 at MetLife Stadium in East Rutherford, NJ. The event will be broadcast on pay-per-view, and viewed in more than 100 countries.
About Enigma Research Corporation:
Enigma Research Corporation is an international consulting firm which specializes in measuring the economic impact of special events. Enigma's economists developed a customized model which converted expenditures into economic impact, employment created and taxes generated as a result of the event.
WWE, a publicly traded company (NYS: WWE) , is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly entertainment on its television programming, pay-per-view, digital media and publishing platforms. WWE programming is broadcast in more than 145 countries and 30 languages and reaches more than 600 million homes worldwide. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, Miami, London, Mumbai, Shanghai, Singapore, Istanbul and Tokyo.
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Forward-Looking Statements: This press release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to maintaining and renewing key agreements, including television and pay-per-view programming distribution agreements; the need for continually developing creative and entertaining programming; the continued importance of key performers and the services of Vincent McMahon; the conditions of the markets in which we compete and acceptance of the Company's brands, media and merchandise within those markets; our exposure to bad debt risk; uncertainties relating to regulatory and litigation matters; risks resulting from the highly competitive nature of our markets; uncertainties associated with international markets; the importance of protecting our intellectual property and complying with the intellectual property rights of others; risks associated with producing and travelling to and from our large live events, both domestically and internationally; the risk of accidents or injuries during our physically demanding events; risks relating to our film business; risks relating to increasing content production for distribution on various platforms, including the potential creation of a WWE Network; risks relating to our computer systems and online operations; risks relating to the large number of shares of common stock controlled by members of the McMahon family and the possibility of the sale of their stock by the McMahons or the perception of the possibility of such sales; the relatively small public float of our stock; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition, our dividend is dependent on a number of factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition, contractual and legal restrictions on the payment of dividends, general economic and competitive conditions and such other factors as our Board of Directors may consider relevant.
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