Whenever there is a world cup, cities around the globe scramble to be the ones hosting the event. Why? Major global events like the world cup pump millions into a local economy over night. Tourists who come see the games want to eat at local restaurants and visit local shops. Reporters covering the event need to stay at local hotels and get access to local technology in order to get their stories done. And of course the players, coaches, and their families and friends need plenty of amenities as well. All of those things cost money, and that money is pumped quickly into the local economy. The money that goes into the economy is then thrust right back to the local people who live in the area via paying for social services, healthcare, police and firefighters, schools, and other public institutions. The quick influx of cash can even help to start building new public infrastructure such as roads or bridges, which can improve the productivity of an economy.
When it comes to the women’s world cup in Vancouver, British Columbia, all of those things mentioned above right true. The women’s world cup is expected to last about a month, and most experts believe that the event will contribute about $52 million to the local government. Local hotels are looking to make the most money, and the industry sees Vancouver hotels being filled for nearly the entire month. Vancouver held the 2010 Winter Olympics, so the locals are used to having major world events come to town. Plenty of merchants are preparing for an influx of new customers, and most are setting up their Canadian high risk merchant accounts with online payment processors such as emerchantbroker.com. With all of these new tourists in for the month, businesses need to be able to process payments relatively quickly, and it always helps to be able to accept several different forms of payment, especially when your customers are coming from all around the world.
The Women’s World Cup is a boon for Vancouver, but the city has already had several global events in the past decade or so. Vancouver is getting used to housing these types of events, and by providing world class hotels and restaurants, it is likely that more sporting events and global conferences will look to use Vancouver in the future. Merchants are going to be ready too, but the real winners are the local government and the people of Vancouver. When the tax dollars are counted up, those are the people who are going to benefit with new, stronger public services.
