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2007 Economic Impact Report.
REGISTRATION
The 2007 Fall LOC Derby was held August 17th – September 3rd on Lake Ontario with 6,352 Anglers participating. (This is a 12% increase over 2005)
HOW MUCH THE ANGLERS SPENT
The direct revenue generated by anglers within the seven county region, bordering Lake Ontario, during the 2007 Derby is estimated at $3,557,819. Of this amount, $2,451,337 (68.9 %) can be designated as tourist dollar revenue – brought into the region by non-resident anglers.
The derby anglers spent an average of $560.11 while participating in the event.
Breakdown of this figure into retail categories is as follows:
Category Average Expenditure % represented
Fishing Tackle $126.53 22.56%
Lodging/Camping $82.58 14.74%
Boat Services $151.77 27.07%
Restaurants/Bars $82.05 14.62%
Groceries $66.65 11.86%
Miscellaneous $51.41 9.15%
The breakdown of where anglers made their expenditures and the tourism revenue generated in each county is as follows:
County % 2005 +/- 2007 Expend. 2005 Change
Niagara 25.1% -2.8 % $893,012 $785,920 +$107,092
Orleans 9.5% +.4 % $337,993 $256,340 + $81,653
Monroe 6.1% -2.7 % $217,027 $247,889 - $30,862
Wayne 10.5% +1 % $373,571 $267,607 +$105,964
Cayuga 8.7% -.2 % $309,531 $250,706 +$58,825
Oswego 35.7% +3.5 % $1,270,141 $907,048 +$363,093
Jefferson 4.4% +.8 % $156,544 $101,410 + $55,134
Total $3,557,819 $2,816,921
When assessing the economic value of the LOC Derby, it is important to consider total economic impact as well as the direct revenue. The direct revenue is the money spent by the anglers, while the economic impact is the effect that the money had on the community.
The economic impact is determined by taking the direct spending and adjusting this figure to reflect the re-spending or multiplied value of that revenue. The multiplier will be different for the revenue generated by participants from the local counties versus out of town participants. The multiplier used was a standard figure for the Lake Ontario region of New York State.
Our findings show that the 2007 Derby had 31.1% of its participants being local residents while 68.9% being considered visitors. Different economic multipliers are used for local residents versus visitors and the chart below estimates their economic impact.
Category Spending Multiplier Economic Impact
Local $1,106,482 1.30 $1,438,427
Visitor $2,451,337 2.95 $7,231,444
Totals $3,557,819 $8,669,871
The projected breakdown of this economic impact by county is as follows:
County Percentage Economic Impact
Niagara 25.1% $2,176,137
Orleans 9.5% $823,638
Monroe 6.1% $528,862
Wayne 10.5% $910,337
Cayuga 8.7% $754,278
Oswego 35.7% $3,095,144
Jefferson 4.4% $381,475
Total 100.0% $8,669,871
Interesting Facts from 2007 Fall Survey & Other Data
Average of days fished was 3.2 days for the 2007 Fall LOC Derby.
*Breakdown of Categories Notes:
Fishing Tackle- The actual dollar amount averaged $157.09 per angler. Of this amount, $30.56 was spent prior to the event, (home based sporting goods store, internet, catalog etc.) This number ($126.53) was adjusted to reflect only monies spent in New York State.
Boat Services- This figure represents charter fees, boat rental, boat gas, in-state repairs, transient slip rental & launch fees.
Miscellaneous- This includes monies spent for vehicle gas in NYS.
There were a total of 11,174 entrants in all three 2007 LOC events.
Spring 3210 entrants
Summer 1612 entrants
Fall 6352 entrants
Utilizing the 2007 data the total economic impact would be:
Total spending $6,258,669
Local economic impact at 31.1% ($1,946,446) times 1.30 multiplier = $2,530,380
Visitor economic impact at 68.9% ($4,312,223) times 2.95 multiplier = $12,721,058
Total economic impact for all three events = $15,251,438
Of the 11,174 entrants, 2,206 (19.75%) entered online.
Top registration sites by County: Niagara - Slippery Sinker, Orleans – Narby’s, Monroe – Bayside, Wayne – Sodus Point Tackle, Cayuga – Screwy Louie’s, Oswego -Woody’s & Jefferson Henchen’s Marina.
Top weigh-in stations were the same with the exception of Niagara -Wilson Boatyard Monroe-Mitchels Bait & Tackle and Oswego-Larry’s Oswego Salmon Shop.
All 2008 Awards Ceremonies will be held in Sodus Point at the new Sodus Point Tackle.
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