The Tribune

By NEIL HARTNELL Tribune Business Editor BAHAMAS Speed Week's president has estimated that the revival event generated between 2,500-3,000 room nights for the Bahamian hotel industry, describing its economic impact as "quite substantial". While Bahamas Speed Week Revival did not make a profit, having cost $1-$1.6 million to put on, Jimmie Lowe said that making it into the black was not the inaugural event's objective, that being to re-establish its brand and position on the calendar, and show its value to car enthusiasts and sponsors alike. Assessing the breadth of Bahamas Speed Week Revival's impact, Mr Lowe noted the assistance from Customs and other government agencies, the transportation infrastructure put in place to accommodate spectators, participants, car owners and their teams, and contributions by the Arawak Cay vendors. Then there was Celebration Cruise Lines, which brought some 500 persons into Nassau on each of its three sailings during Bahamas Speed Week Revival. This, Mr Lowe said, generated the equivalent of 1,500 room nights, and also allowed Bahamians to go shopping in the US and bring goods back at relatively cheaper rates. The Bahamas Speed Week Revival president said some Celebration passengers decided to stay in Nassau as stopover visitors for three-four nights during the event, estimating this may have generated another 200 room nights for the hotel industry. Together with the stays of media personnel, spectators, car owners and their families/teams, and other enthusiasts, Mr Lowe estimated that Bahamas Speed Week Revival generated "somewhere between 2,500-3,000 room nights in total". "Everybody was taking taxi rides, shopping downtown and on Paradise Island. I think the economic impact was quite substantial for first time round," he told Tribune Business. "The event itself came off exceptionally well. We'll have to put a few dollars in to meet costs, but at the end of the day it will set a precedent for what the event will look like in future. "It wasn't about is making money this year. It's putting the event in place, and letting everyone see the value of it. There were 100 media persons here, and I think we made some good inroads into what we can make happen, particularly with everyone pulling together. We're pretty excited about it going forward, and will make it happen one way or another." Adding that it would also set a precedent to encourage new sponsors to come in during coming years, Mr Lowe said numerous companies had benefited from the inaugural event in ways "people don't realise". Bahamas Waste, he added, had earned $20,000 by providing the garbage bins and portable toilets, while Aquapure produced a special water label for Bahamas Speed Week Revival. Estimating that the bottled water manufacturer generated sales of between 1,000-1,500 bottles, Mr Lowe said both sides benefited from the branding exercise. "It's all about holding hands and being partners in this whole thing," Mr Lowe told Tribune Business. "It's all about building for this first year, and have to continue to make a huge effort to continue it." The Gala Ball and Auction of Promises had raised close to $50,000 for various Bahamian charities, and the Bahamas Speed Week Revival president said: "We've given something back to the community by raising monies to help local causes and charities. Among Bahamas Speed Week Revival's goals for next year are a race, and potentially a celebrity go-kart race where international celebrity drivers are invited to the Bahamas.