Rodeo gold: Sikeston Jaycee Bootheel Rodeo has a big impact on the local economy
SIKESTON -- Theannual Sikeston Jaycee Bootheel Rodeo is more than just a popular event with national consequences for the participating athletes who risk their lives and limbs for the sport.
For Sikeston and the surrounding give counties, the Rodeo is gold.
Southeast Missouri State University professor David Yaskewich, Ph.D, conducted an economic impact study for the years 2011 through 2015 which details the effect the rodeo has on the local economy.
The findings showed a significant impact on a five-county area, including Scott, New Madrid, Mississippi, Stoddard and Cape Girardeau counties.
"The rodeo attracts several thousand guests from out of the area and they spend the night at our hotels, shop in our stores and dine in local restaurants," said Marcie Lawson, executive director of the Sikeston Regional Chamber of Commerce.
The economic impact is divided into four areas including rodeo operating expenditures, facility improvements, spending by attendees and participants and donations to local charities.
"We spend almost a million dollars a year on operating expenditures for the rodeo," said Blake Wethington, 2017 rodeo chairman.
This year Wethington has overseen a major expansion in the arena with the addition of a new announcer's booth, party porch and approximately 78 new seats in the Cattle Baron section.
In 2015, the Jaycees spent about $50,000 on physical improvements, and the amount is expected to be higher this year with that major undertaking completed at the rodeo grounds.
For each dollar spent, Yaskewich estimated an additional 50 cents is spent in the local economy. This is known as the multiplier effect.
From the expenditure of operating expenses and improvements alone, it is estimated to have a value of nearly $1.5 million to the area which is the same as having 23 new jobs with $500,000 in total income.
In a good year, the rodeo is estimated to have a total of 40,000 spectators for the week. Each person is estimated to spend anywhere from $50 to $200.
The study estimated that rodeo attendees will spend from $1.5 million to $6 million with each dollar producing another 50 percent in spending.
Historically, the Jaycees have made impactful donations from the rodeo profits, according to Wethington. In recent years, profits from the rodeo have ranged from $50,000 to $100,000 according to the Jaycees.
"The rodeo is a major tourism event, and we value it's impact on our local economy," Lawson said.