Study reveals multi-million dollar benefits of Bankwest Stadium
Parramatta’s local economy gets a million-dollar boost every time an event is held at the new Bankwest Stadium, according to a report commissioned by City of Parramatta Council.
Economic analysis was undertaken by Micromex Research, Bankwest Stadium – Bolstering the local economy, revealed three sporting events at the stadium generated an estimated total of $2.92 million for the Parramatta Local Government Area (LGA) this year.
“The new Bankwest Stadium has been a real game-changer for Sydney’s Central City. Not only is it a world-class venue, it’s injecting millions of dollars into the local economy and attracting a new wave of visitors,” City of Parramatta Lord Mayor Cr Bob Dwyer said.
“This report shows people heading to Bankwest Stadium are really making the most of their visit to Parramatta, whether it’s enjoying a meal at one of the City’s many fantastic restaurants and cafes or booking accommodation at local hotels.”
The economic analysis was based on a survey of more than 600 people who attended one of three at-capacity sporting events at Bankwest Stadium this year – a NSW Waratahs v Brumbies Super Rugby match, a Parramatta Eels v Wests Tigers NRL game, and the A-League pre-season friendly between Leeds United and Western Sydney Wanderers.
Respondents were asked: how much they spent during their visit, including at the stadium and at local outlets; their transport method; and their impressions of Parramatta.
The research found that, over the three events, visitors spent an estimated $1.27 million inside Bankwest Stadium and an estimated $1.65 million in the Parramatta LGA.
It also found that 88 per cent of visitors said their visit to Bankwest Stadium positively influenced their perception of Parramatta; 96 per cent highly rated their experience of Bankwest Stadium, and 95 per cent highly rated their overall experience of the Parramatta LGA.
Venues NSW CEO Paul Doorn said Bankwest Stadium is not just benefiting Western Sydney, but much of NSW.
“Bankwest Stadium offers a spectacular visitor experience for the people of NSW and, whether it be sport, entertainment, business, community or cultural events, it is a place that everyone can enjoy. These results confirm the positive contribution that Bankwest Stadium is already making to the liveability of Western Sydney, as well as the local and greater NSW economy,” Mr Doorn said.
Parramatta Chamber of Commerce President Schon Condon said investment in critical infrastructure such as Bankwest Stadium has helped boost local businesses.
“Unquestionably, the opening of Bankwest Stadium has been a boon for Parramatta, providing incredible financial benefits for local businesses, as well as providing valuable opportunities for Parramatta to truly showcase what we can offer. The real joy, however, is that there is still more to come!” Mr Condon said.
The $360 million Bankwest Stadium has attracted about 450,000 patrons to ticketed events, and about 27,000 visitors to functions, conferences, meetings and other events, since it opened in April 2019. The state-of-the-art stadium is the home of legendary sporting clubs the Parramatta Eels and Western Sydney Wanderers, and is set to host some of the world’s biggest entertainers, such as Elton John.
Council is exploring ways to grow the Parramatta LGA’s night time offerings, and attract new and diverse businesses and visitors, with the release of its draft Parramatta Night City Framework 2020-2024. It is on public exhibition until Monday 11 November 2019.