Generating new revenue streams is key to reviving the economy. The Government through the Ministry of Sport and Youth Affairs has undertaken the task of developing sports and sports tourism as an industry because of its economic value.
Trinidad and Tobago has benefited tremendously from our natural resource endowment, however, it is imperative to note that oil and gas can no longer sustain our economy. This is as a direct result of plummeting oil and gas prices and the decrease in demand for these products.
The call for economic diversification has intensified especially in the midst of the global economic downturn. For far too long, Trinidad and Tobago’s economy has been solely dependent on revenue generated from oil and gas. The uncertainty of the energy sector has initiated a thrust towards the generation of alternative revenue streams.
Generating New Revenue Streams Through Sport
Through revenue management, our sports facilities can be marketed, in order to earn revenue from the rental of the facilities as well as naming rights. Trinidad and Tobago is home to five stadia, three Mega facilities, eight Indoor Sporting Arenas and Multi-purpose Complexes, six Community Swimming Pools, which all generate revenue for the state.
Hasely Crawford Stadium has perhaps mastered revenue management as it is one of the more rented facilities for not only sporting events but also cultural and social events. However, the latest addition, the three state of the art multi-purpose facilities also have great potential for economic returns.
Fondly called “Megas”, the National Aquatic Centre, the Cycling Velodrome and the National Racquet Centre are the only of its kind in the Caribbean region. These world class facilities are built in accordance with international standards recognized by FINA, UCI and ITF, the Governing bodies for swimming, cycling and tennis respectively.
Although relatively new, the “Megas” are already generating revenue with CAMO, a Canadian Swim Team utilizing the National Aquatic Centre for their Winter Training Camp.
If properly managed Trinidad and Tobago is well poised to reap the economic benefits of sports tourism, which will undoubtedly help to stimulate the economy in the long run as other sectors will be impacted.