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April 07, 2006
Red Stripe Reggae Sumfest Pumps $400 Million Into Economy?
It was revealed that Red Stripe Reggae Sumfest patrons pump $400 million annually by way of direct spending around the time of the annual reggae festival. This was revealed to prospective investors who turned out for 'reggae breakfast' at the Coral Cliff Hotel and Entertainment Centre in Montego Bay.
"The involvement of the business community is critical to the success of this event," said Johnny Gourzong, the event's executive director.
Gourzong stressed the importance of a "unified buy-in", imploring new stakeholders and all business operators within the western region to strike up a partnership with his organisation.
"Currently, the direct spend is $400 million, but we can do even better," he said. In fact, research has shown that if the organisers can increase the number of patrons, from 45,000 annually to 60,000, the direct spend would increase to $500 million.
This year, the organisers have dubbed the event, 'Jamaica's Greatest, the World's Best'. The event will be staged from July 16 - 22, at the Catherine Hall Entertainment Centre, Montego Bay.