Riga Businesses Report Boost from European Basketball Championship
Riga,Latvia – September 18,2023 – The recent European Basketball Championship held in Riga has delivered a significant economic boost to the city,with entrepreneurs reporting increased turnover and a revitalized Old town. Initial estimates suggest the event contributed approximately EUR 60 million to the Latvian national economy.
The Latvian Bar Association is currently finalizing calculations on the championship’s financial impact, but early indications are positive. “30%, 40%, 50% a week better than everyday,” stated Raivo Mediņš, Member of the Board of the Association. “We probably understand what Riga will look like without basketball in two weeks, but in any case, it is very significant for entrepreneurs to make such events in the city.” A spokesperson for the association added, “It is indeed clear that every euro we have earned now will help us wait for the winter.”
Businesses in Riga’s Old Town experienced a particularly noticeable surge in activity. Raivo Mediņš, owner of the rock cafe Mediņš, noted the area came alive not only on weekends but also during the week, with visitor numbers reaching seasonal highs. “At least the first week was best known to me and our places. Many thanks to the Estonians there. They did a lot of work here – revived the city for real,” he said. herbert Blumberg, owner of the Culture House “Atmoda,” reported a predominantly Estonian clientele, stating, “We were ‘mostly Estonians’ at us. There were a lot of Estonians. Come after the games before the games ate, drank, also partyed at night. So everything was cool! Even on the way to Tampere had stopped in Riga and came to visit where they would have to come after they go to the next games.”
Fredis Bikov, Director of the Riga Investment and Tourism Agency, believes the economic impact extends beyond ticket and beverage sales.”This number is quite realistic. We see and get feedback that there have been many private aircraft and basketball stars and players who have flew to Riga – its impact is much wider than just sold tickets or drinks in the arena.” He emphasized the championship’s potential for long-term tourism, stating, “This is a really unique chance to attract people who may not have come to us at all, and it is an opportunity for them to show the contry through the prism of basketball. But if they like it, they coudl come back again.”
The tournament, which ran from August 27 to September 14, featured 24 teams divided into four groups playing in Riga, Tampere, Katowice, and Limassol. The top four teams from each group advanced to the playoffs, all held in Riga. Final data on the championship’s economic contribution is expected to be released by the state in the coming months.
