Last week, Orange County Commissioners approved a measure to give $500,000 in Orlando-area hotel tax revenue to back Florida Citrus Sports’ winning bid for Camping World Stadium to host the 2023 college football opener between the Florida State University Seminoles and the Louisiana State University Tigers.
Both FSU and LSU have had better seasons than expected in 2022, sitting at 7-3 and 8-2, respectively, at the time of publication.
LSU even beat SEC conference rival, the University of Alabama, in a win that thrilled their fan base in Baton Rouge and beyond.
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According to a report from The Orlando Sentinel, The Tourist Development Tax Sports Incentive Committee endorsed paying the required “bid/host” fee for the event. The game is expected to draw at least 65,000 spectators, with a positive economic impact of $31.5 million for Central Florida.
The outlet went on to note that Steve Hogan, CEO of non-profit event management organization Florida Citrus Sports, shared the half-a-million-dollar fee is only a small percentage of a larger, guaranteed amount both schools will earn from the game, which will have a national primetime slot on ESPN.
Camping World Stadium has previously hosted a variety of high-profile events, including Wrestlemania, the NFL Pro Bowl, and, in December 2021, the college football Cheez-It Bowl featuring the Clemson Tigers and the Iowa State Cyclones.
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#14 Clemson won the match-up 20-13.
Although hotels in the Orlando region saw a significant decrease in revenue during the COVID-19 pandemic – major tourist draws like Walt Disney World Resort, Universal Orlando Resort, and SeaWorld all closed for months as the virus ran rampant – Florida’s playground is back.
Last month, Orlando Business Journal shared that hotels in the Sunshine are once again averaging as much as $5 million a year in revenue, making the area one of the most profitable in the nation for hotel brands.
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This month, it was confirmed that Orlando’s hotel tax revenue had hit an all-time high. All of this means that the $500,000 committed to support next year’s FSU/LSU game will not have a major impact on the overall tax revenue brought in by resorts.
What do you think about Camping World Stadium hosting NCAA kick-off next year?
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About Sonu Shukla, CPA, CFP
Sonu Shukla is a Certified Public Accountant as well as Certified Financial Planner. He believes in proactive tax planning and has the skills, education and experience to demonstrate passionately planned financial strategies. His firm tailors highly efficient tax plans for his small business clients, all in a one on one environment where he and the client can bounce ideas around until every detail is worked out. Located in Orlando, FL, he services all of Florida.
