The Miami Dolphins are one of the biggest sports teams to exist in Florida, let alone the city of Miami.
Indeed, the NFL franchise shares the city with the likes of NBA franchise Miami Heat, Miami Marlins in the MLB, and the Florida Panthers in the NHL. Furthermore, some soccer clubs have been established in the city looking to become rather successful and appeal to fans.
Dolphins biggest sports team in Miami
However, none can attract as many fans as the Dolphins can, which means the amount of money that can be brought into the city.
Of course, the legendary Miami Dolphins teams of the past – such as the 1972 unbeaten season under Don Shula – will have helped build appeal to a certain fanbase. Unfortunately, things have not been that good for them on the field more recent times, although Tua Tagovailoa could be the next big thing for them at the quarterback role in years to come. It would not be easy to see him replicate what the legendary Bob Griese managed to achieve during his Miami career. If he played today, many would have loved to use the self-confessed king of sportsbook, BetMGM, to place a sports wager on the action.
Revenues earned by the Miami Dolphins in 2019
Despite the change in fortunes, the Miami Dolphins have continued to attract fans to the Hard Rock Stadium from afar, and their ticket sales would provide the evidence to help back that up. According to figures provided, the 2019 season managed to generate $71 million in ticket sales alone.
Also, total revenue for the NFL franchise, including merchandise, grossed a total of $461 million for the year of 2019.
It is hard to see how much money and revenue they generate for the city of Miami regarding tourism and other financial elements; however, a good sign of what can be achieved may be to look at the recent Super Bowl hosted in the city.
SuperBowl LIV had a huge economic impact on Miami.
Of course, SuperBowl LV will be near Tampa Bay; however, SuperBowl LIV was held at the Hard Rock Stadium and brought in over half-of-a-billion dollars in revenue to the south of Florida.
According to a report that had been produced, it was revealed that 4,597 jobs were created (both full-time and part-time), fetching a cool $571.9 million to the city. The number is said to be a combination of the labor income, the value-added GDP, and output revenues to the city.
Furthermore, visitor spending was believed to account for nearly half of that figure, with spectators, media, teams, and NFL staff who spent around $246 million of the total impact. In comparison, the event hosting by the NFL and the Miami Dolphins fetched an additional $325.8 million.
Miami Beach was one of the tourist destinations to have received one of the biggest economic impacts from SuperBowl LIV, as it was believed to be over $200 million. Hotels saw their rooms skyrocket in price for the weekend, going up from $370 per night for the most expensive to nearly triple at $938 per night. Furthermore, the average spectator would spend around $1,781 per day, whilst a member of the media would spend around $2,154 per day, with the average party remaining in Miami for around a total of three days.
Of the near 5,000 jobs created, many were in the Arts, Entertainment, and Recreation industries (1,255), whilst the Accommodation and Food Service sector saw 1,182 jobs created.
Miami also did well regarding the taxes that they managed to generate by hosting SuperBowl LIV, with $34.1 million generated in local and state taxes, whilst a further $50.4 million was in federal taxes.
Of course, a SuperBowl is always going to attract much more than a normal NFL fixture; however, with 8 of the 16 regular season being played at the Hard Rock Stadium – and with the possibility of playoff games in the future – there is no doubt that a large amount of revenue can be generated for the city of Miami by the Dolphins.