To maximize the economic potential of the new Kai Tak Sports Park, experts suggest that Hong Kong should focus on hosting a diverse range of thrilling events. The sprawling 28-hectare facility, set to open in March after significant delays and investment, has so far secured only four major events. Analysts believe that for the park to achieve commercial success, it needs to attract between 100 and 150 large-scale events annually across its three venues. This ambitious goal is essential as the global sports and music tourism industry is projected to reach an astounding $11.7 trillion by 2032.

Innovative ideas are being proposed to make the park a hub for unique experiences. Andrew Kinloch, a specialist in infrastructure finance, envisions introducing novel attractions such as ice skating shows at the 10,000-seat arena. He emphasizes the importance of offering fresh and exciting events that can draw crowds from both within Hong Kong and abroad. Meanwhile, Dan Voellm, CEO of AP Hospitality Advisors, suggests considering events like cricket matches and extreme sports festivals, which could significantly boost attendance and revenue. The inclusion of motorsport events or XGames Asia could further diversify the offerings and attract a broader audience.

The establishment of Kai Tak Sports Park promises not only to enhance Hong Kong’s reputation as a premier destination for sports and entertainment but also to stimulate local businesses. Increased foot traffic around the Kowloon City and Kai Tak areas is expected to benefit retailers, restaurants, and hotels. To fully capitalize on this opportunity, businesses should enhance accessibility and digital connectivity, ensuring a seamless experience for visitors. By catering to various income levels and promoting impulse purchases, the park can foster a vibrant ecosystem that supports sustained economic growth and development in the region.