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Polo Activity in Wellington - Assignment Example

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The popularity of the Polo Season and other polo activities among the global elite circles has made it one if not the most important revenue generating event in the upscale community of Wellington, Florida. The community has a long history of being mostly economically dependent on horses…
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Polo Activity in Wellington
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Download file to see previous pages On the other hand, the National Horse Show brings in another $8.5 million which further highlights the importance of these three events not only in the tourism but also the real estate and other services industry in Wellington (Palm Beach County Club 1).
The discussed origin of how Wellington becomes synonymous with polo shows that the economy has directly and indirectly invested in this revenue generating activities. Before the height of its popularity, initial investment has amounted more than just monetary but intensive and extensive marketing campaigns in order to promote these activities. Currently, these initial investments are being continued through the form of expenses in order to finance taking care of horses which are used for the race. Economic Research Associates estimates that Palm County Beach Equestrian residents are pouring in $121 million each year for the care of their 11,000 horses (Gasset and Gasset 5). With the vibrant outlook for the polo events in Wellington together with the expected increase in the GDP of the community, induced investments are also projected in the medium term. Among this is Mark Bellissimo's plan of the making the showground in Wellington part of a "multi-billion dollar 140 acre show facility with varied year round Equestrian events" (Gasset 3) adding that he wants to make this the "Center of The Equestrian Universe" (Gasset 3).
The magnitude of how these investments in ensuring that these polo events will be as exciting, prestigious, and attractive to tourists and fans together with the revenue generated by the events can be measured by looking at these at an economic standpoint. It should be noted that the investments poured in as well as revenues generated are magnified when taken into account how these are used and passed on to the different economic players in the community. Economically speaking, the total amount of revenue and investment brought in Wellington by polo should be multiplied by Keynes' multiplier in order to really calculate how much wealth it created for the community (Brue and McConnel 225). In the case of Wellington, the huge number of fans which devote their time and money in watching the tournaments do not only shore in direct income but promoted the creation and development of vibrant service, real estate, and tourism industries which gives livelihood and revenue to Wellington.
The role of investments in pump priming the economy can be illustrated by the plans of making the community an even more developed venue for polo events. For instance, when Mark Bellissimo finally puts into practice his plan of renovating the Wellington showground, we assume that this will be in an amount of $1 billion for simplicity. This amount of investment will be used to finance the sourcing of input, payment for labor, machinery, and other necessities. Thus, this $1 billion is passed on to these economic players in forms of payments, salaries, and wages. As a result, they will have a higher disposable income which they can spend for the purchase of goods and services. On the other hands, goods and other service providers will have higher revenue where they can use in order to produce more of their products. This process of wealth creation goes on and on.
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