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Frisco reported $84.8 million in economic impact for the last fiscal year, a 58% increase over last year, and the high profile events in May—the 58th Academy of Country Music Awards and KitchenAid Senior PGA Championship— were the top drivers.
The economic impact, which is an estimate of new money brought into Frisco’s economy from tourists who have visited city-hosted events, jumped more than $30 million over FY2022, and it has officials optimistic about Frisco’s future growth.
“Tourism and entertainment is on our City Council’s top 10 priorities list,” said Frisco Mayor Jeff Cheney.
The PGA and ACM events in May contributed to $1 million in hotel occupancy tax collections, according to a news release from Visit Frisco, the official destination marketing organization for the city.
“In addition to those broadcasted events, the Visit Frisco team helped welcome 12 other groups to Frisco in May that added hotel room nights and a positive economic impact, including Toyota, T-Mobile, Western Sports Foundation, National Space Society, and groups in the transportation and education industries,” according to the release.
A year-over-year comparison for May shows 24,774 attendees at events in 2023 resulting in an economic impact of $11.3 million; in May 2022, there were 2,781 attendees at events resulting in $1 million in economic impact.
Cheney said 2023 was an incredible year for Visit Frisco in terms of the volume of hotel business, visitation, notable partnerships and events.
“With the Fields development in northern Frisco, redevelopment in The Rail District, and plans to build Universal Frisco, I’m looking forward to more success stories in our future,” Cheney said.
Fiscal year 2023 was also a strong year for corporate bookings, with an increase in room nights and an average daily rate of $223.
“The Visit Frisco sales team conducted a record high 101 site inspections over the year to show businesses, planners, and sports organizations what Frisco can deliver for their group,” according to the release.
The fiscal year ended Sept. 30. For the 246 Visit Frisco events held, 127,370hotel rooms were booked, according to Cori Powers, director of marketing and communications for Visit Frisco.
During the prior year (FY 2022), Visit Frisco events totaled 165 with 79,216 total rooms booked, resulting in $53.5 million in economic impact.
Looking back, other than a dip in numbers during the pandemic, data shows the climb:
FY2019: 170 events, 61,905 hotel rooms booked resulting in a $41.9 million economic impact.
FY2020: 79 events, 35,512 hotel rooms booked resulting in a $19.7 million economic impact.
FY2021: 98 events, 63,309 hotel rooms booked resulting in a $46 million economic impact.
Marla Roe, executive director for Visit Frisco, said tourism in the city helps provide tax relief to residents.
“We are proud of the teamwork and collaboration within our Visit Frisco departments that resulted in a banner year. From our employees to local restaurant owners and workers at attractions, shops, and hotels – it’s all hands on deck working towards excellence,” Roe said. “Tourism improves our local economy and provides jobs, tax relief per Frisco household, and a positive community image, which is critical for continued growth.”