Speed Week Aims To Break Even On Investment
Bahamas Speed Week Revival organisers said they were looking to generate at least 1,000 room nights, and hope to get close to breaking even this year after investing nearly $2 million in the upcoming event.
Brendan Foulkes, Speed Week’s hospitality and entertainment director, a guest speaker at the Rotary Club of West Nassau, told Tribune Business that Speed Week was at the top of the Bahamas’ sport tourism push.
“Overall we have invested $1.5 million easy, and could be nearing $2 million. It is a very expensive undertaking,” he added.
“Just to bring the cars from overseas, the ones that are coming from Europe, that’s a 19-day trip and that’s not cheap. We have to bear that cost as the organisers.
Mr Foulkes added: “I would venture to say in total we probably will have $50 million worth of cars at Arawak Cay. One car alone is valued at about $3 million coming in from Europe.”
He said organisers were looking to reach at least 1,000 room nights this year. “Last year we had about 600 room nights. We are hoping to get at least 1,000 room nights this year. We had a target of 1,500-2000 last year, which was a bit unrealistic,” said Mr Foulkes.cars, events, history