The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHAMAS Speed Week Revival organisers said yesterday they were looking to generate at least 1,000 room nights, and hope to get close to breaking even this year after investing nearly $2 million in the upcoming event.

Brendan Foulkes, Speed Week’s hospitality and entertainment director, a guest speaker at the Rotary Club of West Nassau, told Tribune Business that Speed Week was at the top of the Bahamas’ sport tourism push.

“This is a sports tourism event like many sporting events that take place in the country and internationally,” he said.

“I think the Bahamas is now getting itself ready. We have the new stadium and that’s going to propel us into bringing sporting events that can meet international standards. What we are doing with Speed week is exactly that.”

Mr Foulkes said the event, which has the backing of 25 sponsors, will have a direct impact on the Bahamian economy with a significant amount of money having been invested with a local seating company and various infrastructure.

“Overall we have invested $1.5 million easy, and could be nearing $2 million. It is a very expensive undertaking,” he added.

“Just to bring the cars from overseas, the ones that are coming from Europe, that’s a 19-day trip and that’s not cheap. We have to bear that cost as the organisers.

“We figure that the losses will be minimised this year. I think we will get closer to breaking even. We are hoping so because this money has to come from the organsers. Our sponsors do what they have to do. As organsers we have to defray that. Our break hope is that we can at least break even,” said Mr Foulkes.

“Next year we are going to have 30-40 cars zipping along Monte Carlo-style, zipping around Arawak Cay  and West Bay Street, but we have got to make some changes in infrastructure for safety reasons to make that happen.

“We have extended the registration for the US cars until next week. Right now we have 16 cars just in. We are looking for about 20-30 from Florida. Rough estimates are we will probably hit 21-22 as a target, and we have already about nine-10 local entrants. I think we will get 45-50 cars this year. Last year we had 41, so if we increase it by 10 this year that would be progress and and that’s what it’s all about.”

Mr Foulkes added: “I would venture to say in total we probably will have $50 million worth of cars at Arawak Cay. One car alone is valued at about $3 million coming in from Europe.”

He said organisers were looking to reach at least 1,000 room nights this year. “Last year we had about 600 room nights. We are hoping to get at least 1,000 room nights this year. We had a target of 1,500-2000 last year, which was a bit unrealistic,” said Mr Foulkes.

He added that organisers of the eight-day event were hoping to make Speed Week the ‘must do’ event on the social calender following the Thanksgiving weekend. “Speed Week is out there. This will be the event that people  will want to be at. We will do it every weekend after Thanksgiving. We don’t want to compete with the hotels being full at Thanksgiving,” he said.

Mr Foulkes added that organisers have been approached by the VH1 network regarding coverage of the event, but it was far from a done deal.

“VH1 approached us. There are some financial concerns so I can’t speak to that right now, but we would like to see if we could get them to come over. That’s two question marks at the moment,” said Foulkes.