€2m spin-off from powerboat event

Malta benefits from the Powerboat P1 World Championship to the tune of €2 million (Lm858,600) and its international standing and reputation are enhanced by the sport's growing worldwide media coverage, according to a recent economic impact assessment undertaken by KPMG.

The study was commissioned by Powerboat P1 Management in June 2007, immediately following the Maltese Grand Prix of the Sea, to calculate the economic and financial impact on the island and its service providers such as hotels, bars, restaurants, transport, media and telecommunications.

It was estimated that last year about 800 persons visited Malta specifically for the race weekend, with requirements for at least 4,000 hotel nights.

The report concludes that future growth in tourism for the island has excellent potential as a result of the event which is now one of the most established on the P1 calendar.

"By impacting on tourism, inward investment, global awareness and global image, the Powerboat P1 Grand Prix of the Sea delivers a tangible, long-term return on investment to all of our venues and Malta is a great example of this trend," Robert Wicks, Powerboat P1 sales and marketing director, said.

"Most importantly, our television coverage to a global audience, PR and media exposure coupled with the powerful sport and entertainment associations of the Powerboat P1 event enhance Malta's image worldwide."

This year's Malta championship will be held in June.