When the US Open tennis tournament begins this week in New York’s Flushing Meadows, expect handshakes both on the court and on the sidelines.
(Bloomberg) — When the US Open tennis tournament begins this week in New York’s Flushing Meadows, expect handshakes both on the court and on the sidelines.
New ticket packages combining courtside seats with exclusive dining or meeting spaces were snapped up by corporate buyers ahead of the event, according to Kirsten Corio, chief commercial officer of the US Tennis Association.
Perhaps most coveted are the two dozen seats — which can each cost more than $10,000, depending on the session — available through the tournament’s “Courtside Premier” program.
The lofty price tag comes with in-seat snacks and beverages, so patrons won’t have to miss a minute of the action to get their own chilled shrimp cocktail, Whispering Angel rose or Grey Goose Honey Deuce. Also included are photos with trophies, dining in the players’ cafe, and a “meet and greet” with former champions including Lindsay Davenport, Andy Roddick, Tracy Austin and Kim Clijsters.
“It’s astonishing how much demand exists for this kind of product — we’ve had to adapt and evolve to capture the demand that’s out there,” Corio said in an interview.
Read more: This US Open Will Cost You More, From Hotels to the Honey Deuce
Luxury spending has been largely resilient in the US despite decades-high inflation and signs of belt-tightening among lower-income consumers. The US Open has long been a favorite outing for Wall Street elites and corporate executives who want to wine and dine current and potential clients.
Courtside Premier was started last year by the USTA and Elevate Sports Ventures, a company backed by Harris Blitzer Sports & Entertainment and Arctos Sports Partners.
Individual suites at Arthur Ashe Stadium sold out in June, so what if a company wants to bring a large group of executives or clients to talk shop before taking in the action? Corio says this year, they’re offering 32 front-row seats for each session that come with dining access in the 1968 Room or bespoke pre-match private meeting space. Cryptocurrency and luxury-goods companies are among the firms that have bought these seats, Corio said, declining to provide specifics.
The USTA expects more than $50 million in revenue this year from courtside seats, suites that aren’t already pledged to sponsors and certain mezzanine, or loge, seats.
“We’re pleasantly surprised by how high that number has risen and the bar has been raised in terms of what we feel is possible,” Corio said.
To be sure, the US Open isn’t only enjoyed by those with big corporate spending budgets. The USTA, which uses demand-based dynamic pricing for individual tickets, says initial 2022 prices were in-line with prior years. For instance, upper-level tickets within Arthur Ashe started at $35 when they went on sale in June.
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