Economic Impact of Equestrian Events

The Economic Impact of the Olympic Equestrian Events on the Tourism and Hospitality Industry in Hong Kong

In 8th July 2005, when the Secretary for Home Affairs announced Hong Kong’s endorsement by Beijing as the host of the 2008 Olympic equestrian event, he expressed his optimistic anticipation of the economic benefits affiliated1. While the economic impact is still non-quantifiable at present, doubtless, the tourism and hospitality industry, which foreign visitors would first get contact with in Hong Kong, is one of the biggest beneficiaries --- from an economic perspective, the industry is poised to thrive.

To begin with, in the course of the Olympic equestrian events, a short-term economic influence will be seen in several tourism components, namely the accommodation, aviation and retail sector.

In the accommodation sector, the Royal Park Hotel is appointed as the athlete village, whereas the Regal Riverside Hotel is for the accommodation of the judges, the media, and the national technical officials as vets2; each of the hotels has 443 and

1. Secretary for Home Affairs. (2005). 2008 Beijing Olympic Equestrian Events relocated to Hong Kong. Hong Kong Home Affairs Department

http://www.equestriancommittee.gov.hk/press/pdf/SHAspeech_e.pdf

2. http://www.equestrian2008.org/chi/NewsDetail.aspx?nid=102

858 rooms respectively3. Full houses would be expected in both hotels4, meaning a guaranteed return of over a million.

Visitors categorized as drop-by travelers from Mainland and equestrian fanatics would also pose induced demand