Bankwest Stadium injects $1 million into Parramatta’s local economy every time it holds a major event. Recent research commissioned by City of Parramatta found that Bankwest Stadium has had a large economic impact on the City in a very short time.
The report ‘Bankwest Stadium – Bolstering the local economy’, is a snapshot of Parramatta’s future. Since opening in April 2019, the 30,000-seat venue has cemented itself as Sydney’s new home of entertainment and sport, and is attracting a new, ongoing wave of visitors to Parramatta – all of whom are spending money.
The research, conducted by reputable agency, Micromex Research, included a survey of more than 600 people who attended one of three weekend sporting matches at Bankwest in June and July last year. People were asked a range of questions, including how they got to Parramatta, what they thought of our City, and how they spent their money. Not only was their spend positive, but their experience of the City and the new Bankwest Stadium rated highly across all areas.
Key findings from the research include:
- Visitation to Bankwest Stadium has a direct link to a positive, incremental spend in the Parramatta area before and after a match.
- Bankwest Stadium has played a significant role in shaping positive perceptions not only of the stadium itself, but of Parramatta as a leisure and recreation destination.
- There is a higher spend amongst patrons who take public or active transport to and from the stadium than those who drive.
- A significant portion of the respondents were unable to rate the range and quality of cafes, restaurants, bars and clubs in Parramatta, suggesting there are growth opportunities for this sector.
In an effort to leverage the increased visitation in Parramatta and support local businesses, City of Parramatta Council is upgrading lighting along a critical pathway to ensure stadium goers can safely and easily access Church Street’s dining options before or after a match. Council is also involved in promoting matches to the City’s corporate businesses in an effort to generate higher economic activity.
Overall, the three sporting matches generated a combined estimated $2.92 million for the local economy, with approximately 57 percent of this generated pre and post-match outside the stadium. Among the highest rated criteria were pre and post-match safety (mean ratings of 9.06 and 8.77 out of 10 respectively), and the range of cafes/restaurants/ bars/clubs available (8.73 out of 10). Significantly, 88 percent of patrons indicated their visitation at Bankwest Stadium positively influenced their perception of Parramatta as a leisure and recreation destination.
The first major piece of new infrastructure in a City that is undergoing considerable transformation, Bankwest Stadium offers local businesses a first glimpse of the widespread economic benefits still to come.
To read the full report, please visit investparramatta.com.au.