Masters Week is set to resume in the coming days, with an estimated 250,000 people set to visit Augusta. Single day tickets can cost upwards of $3,000 and four-day passes go for $8,000-$10,000.
Approximately 3,000 homes will be rented to visitors during the week. The average four-bedroom, three-bathroom house rents for about $8,500 for the week of the tournament. Condos go for about $2,500, and some corporations rent eight-10 bedroom houses for $25,000 for the week. The Masters Housing Bureau collects 7% of every contract. Most homeowners pour the additional income back into the house for renovations, but some use it to go on vacations, while others have even used it for tuition.
Essentially every hotel room is booked: Hotel rooms that run for about $70 a night can go for more than $400 a night during The Masters. Restaurants begin preparing months in advance by hiring and training extra wait staff. For the hospitality industry, it’s like gaining an extra month, because many do about 10% of their annual business in that one week.
Officials even had to restrict the number of private jets that can fly into Augusta Regional Airport. Last year, more private jets flew to The Masters than the Super Bowl. The Augusta Metropolitan Convention and Visitors Bureau estimates Augusta gains more than $36 million in revenue during Masters Week, with a total economic impact of almost $110 million.
What about Corporate Sponsorships?
Since the 1950s, CBS and Augusta National have had a series of one-year TV deals based mostly on a gentlemen’s handshake of sorts. Some reports have said CBS will go to Augusta National and say they need $20 million to cover their costs, to which, Augusta National will be the broker and secure deals with its official sponsors (IBM, AT&T, and Exxon) to cover the costs. The sponsors get a combined four minutes of ads per hour, which is about half the norm for a golf tournament. CBS isn’t allowed to sell ad time. It benefits from a ratings boost and the prestige that goes along with televising The Masters.
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