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May 18, 2008 Regions Charity Classic Delivers Estimated $25 Million
Annually to Alabama Economy
(Birmingham, Ala.) - The Regions Charity Classic, a Champions Tour event held in the Birmingham-Hoover Metropolitan area for the past 17 years, today announced that it contributes an estimated $25 million annually to the Alabama economy. The study, conducted by the Center for Business and Economic Research at the University of Alabama, estimates that 70 percent of the economic impact directly benefits the Birmingham-Hoover community. In addition, the event annually creates more than 250 jobs during the tournament season and this year will surpass $10 million in donations to Alabama charities over the life of the tournament.
“Ours is a unique event that touches so many different parts of the community,” said Bill Ritter, area executive for north central Alabama, Regions Financial Corporation, the tournament’s title sponsor. “It creates significant employment, tourism revenue and provides for tremendous volunteer and charitable giving opportunities – all showcased on an international stage.”
The total economic impact of the tournament was calculated based on direct and indirect inputs, such as employment and event-related expenditures, including lodging and attendee spending. Based on this methodology, it is estimated that the tournament creates more than 250 jobs with an annual earnings impact of $5.5 million. In addition, the approximately 80,000 annual attendees to the event help generate almost $400,000 in state and local tax revenue.
“This event is significant in that its impacts are felt statewide and the economic activity occurs on many levels,” said Sam Addy, director of the Center for Business and Economic Research at the University of Alabama, who led the study.
“This tournament is known as one of the most successful on the Champions Tour,” said Gene Hallman, executive director of Regions Charity Classic. “In addition to the significant economic impact, the Regions Charity Classic provides a tremendous image boost for the Birmingham-Hoover metro area. This is a special event where everyone pulls together for the benefit of the community.”
Since 1992 when it was first established, the Regions Charity Classic Foundation this year will surpass $10 million in charitable contributions. Almost 650 unique human services, health, education, arts and humanities, environment and civic charities have benefited from the tournament. Each year about 1,500 people volunteer their time to support player relations, tournament operations and services, scoring coordination and special events.
During this year’s tournament, Regions Financial Corporation announced it had extended its title sponsorship role through 2011.
Regions Golf Classic Economic Impact on Alabama (Estimate) |
|||||
| Input Data | |||||
| Bruno Team | Other Event Related Spending |
||||
| Number of Bruno Event Team Employees | 12 | ||||
| Payroll (Millions) | $0.5 | ||||
| Own Expenditures (Millions) | $3.8 | ||||
| Total Expenditures (Millions) | $4.3 | ||||
| Lodging (2200 rooms @ $195/night, Millions) | $0.4 | ||||
| Attendee Spending (80,000 @ $100/attendee, Millions) | $8.0 | ||||
| Total Attendee Expenditures (Millions) | $8.4 | ||||
| Economic Impact | ||||||||
| Bruno Team | Other Event Related Spending |
Total Impacts | ||||||
| Employment (Jobs) | 17 | 236 | 253 | |||||
| Earnings (Millions) | $0.9 | $4.6 | $5.5 | |||||
| Output (Millions) | $8.3 | $16.3 | $24.7 | |||||
| State Income Tax | $30,466 | $150,724 | $181,190 | |||||
| State Sales Tax | $15,717 | $77,754 | $93,470 | |||||
| Local Sales Tax | $19,646 | $97,192 | $116,838 | |||||
Note: Rounding errors may be present.
Source: Bruno Event Team and Center for Business and Economic Research, The University of Alabama.
About the Tournament
The 2008 Regions Charity Classic presented by Bruno’s Supermarkets is being held May 14-18 at the Robert Trent Jones Golf Trail at Ross Bridge. Participating players include Bernhard Langer, Tom Kite, Hale Irwin, Jay Haas, Loren Roberts, Ben Crenshaw, Scott Hoch, and Jerry Pate. Brad Bryant became a two-time defending Regions Charity Classic winner during the sixteenth annual tournament. Since its inception, the tournament foundation is approaching $10 million for various charities. Visit www.regionscharityclassic.com for sponsorship, volunteer, charity or general information.
About Regions Financial Corporation
Regions Financial Corporation is a member of the S&P 100 Index and Forbes Magazine's "Platinum 400" list of America's best big companies. With $144 billion in assets, Regions is one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates over 1,900 banking offices and nearly 2,500 ATMs. Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company Inc., provides services from some 400 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
Regions Financial Corporation
Shanon Rust, 205-264-4551
or
Regions Charity Classic
Rose Kausler, 205-441-5815
