This Sunday, sports fans (even those clueless about football) across the globe will pause for several hours to share in one of the biggest sporting events of the year! The much anticipated Super Bowl LI which is being hosted in the city of Houston, Texas has arrived and the fanfare and hype leading up to the main event is intense. Detroit being a former host city of Super Bowl XL in 2006, experienced firsthand the amount of resources and manpower that is invested to show off the city to millions of visitors (whether you’re a ticket holder or not).
There is large revenue generated overall; not just in direct connection with the game itself, but the business interests that surround the event (corporate sponsors, vendors, hotels, restaurants, caterers, entertainers, the media, nightclubs, and even the underground business of ticket scalping, escorts and gambling). The festivities kick off a week before Sunday’s game, with a head spinning array of activities for the public that range from family friendly free events to VIP invitation-only $1500 entry fee to benefit charitable organizations.
It is estimated that over 100 million people globally will view this sporting spectacle and business economists are predicting that this event will bring at least $350 million to Houston’s economy as attendees and celebrities spend money on hotels, entertainment, food and drink. According to CNBC, the average re-seller price for a ticket to the game was over $6000. With high net worth individuals, that figure can be several thousands more to invest in more elaborate packages for pre- and post- game parties.
Being a student of luxury, I was curious as to the business of entertaining high net worth individuals who take part in the Super Bowl festivities. The money spent on this event is not for the faint of heart.
For instance, let’s look at the transportation business. Last year’s Super Bowl in Dallas, over 600 plus private jets were chartered to cater to the rich and famous. Although Uber, Lyft and other rental car companies experience brisk business among the general public, celebrities and high net worth individuals see this opportunity to acquire high end and exotic vehicles. According to The Top Tier luxury website, the Lamborghini Huracan is widely desired by NFL players and will cost a client around $8,000 for the weekend.
Concierge Services will see a surge in their business as they strive to satisfy arrangements for luxury accommodations whether that be for premier hotel suites or renting luxury properties or estates. Many entrepreneurial minded luxury home owners use this opportunity to rent their homes to those who still yearn for upscale privacy or house their large entourage during their stay in the hosting city.
Concierges are also used to navigate for restaurant reservations, acquiring tickets for the hottest events and parties that will see a stream of celebrities and dignitaries from all walks of life. Even small retail businesses enjoy the ability to sell the experience and products of “what’s local” to visiting guests. In a sense, the Super Bowl is the one time of the year to show off by spending money lavishly.
And by the way, there is an actually game happening between the Atlanta Falcons and the New England Patriots. -AJ
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