Each year, the World Strategic Forum – organized by the International Economic Forum of the Americas and FIU’s Adam Smith Center for Economic Freedom –explores global corporate and governance challenges, with a focus on opportunities in the Americas. At the 2024 conference in December, the panel on tourism was moderated by Global Miami publisher Richard Roffman.
Roffman: What role did Latin American visitors play in South Florida’s growth?
David Whitaker, President and CEO, Greater Miami Convention and Visitors Bureau:
None of this would have happened if we hadn’t become the gateway of Latin America. That was the number one stimulus that drove everything else for the last 30 to 40 years. Every time there was an economic or political cycle in Latin America – whether it was money coming here during a boom or people fleeing during a downturn – that investment came to Miami. Over time, this created anchor communities of Venezuelans, Colombians, Brazilians, and others, cementing Miami’s reputation as the capital of the Americas.
Roffman: How did American Airlines contribute to South Florida’s transformation?
Juan Carlos Liscano, Vice President, Miami Hub, American Airlines:
Back in 1989, a group of local business leaders flew to Dallas Fort Worth to convince American Airlines to buy Eastern Airlines’ routes. It was a $471 million deal back then – about $1.2 billion in today’s dollars. Those leaders believed in the potential of this region, and American Airlines made Miami the hub it is today. We’ve grown from 19 flights a day and 200 employees back then to 415 daily flights and 14,500 team members now…. Our salaries in Miami alone total $1.8 billion annually. The overall economic impact we bring to the region, from travel, tourism, trade, commerce, and cargo, is $28 billion.
Roffman: What makes Fort Lauderdale unique, and how has it changed?
Anthony Cordo, Executive Vice President, Visit Lauderdale:
Development in Broward County has exploded in the last few years… Our geography and climate have always been advantageous, but investments in infrastructure, schools, transportation, and ports have played a critical role. Fort Lauderdale, like Miami, has become a destination that caters to both residents and visitors. People here want quality experiences, and that reflects in everything from restaurants to cultural offerings.
Roffman: What role does NASCAR play in South Florida’s identity?
Guillermo Santa Cruz, President, Homestead-Miami Speedway:
The Homestead-Miami Speedway is an iconic location in South Florida, born out of Hurricane Andrew’s aftermath in 1992. [It] has since become a key part of NASCAR’s playoff season. NASCAR is not only the most popular motorsport in the U.S., it’s also very Florida – it began in Daytona, after all… The Speedway hosts over 300 events a year, including one weekend of NASCAR racing and, starting next year, Formula E with electric cars. It’s loud, fast, exciting, and a whole sensory experience – you can hear the engines roar, smell the tires, and taste the food.
Roffman: How has South Florida evolved as a luxury destination?
David Whitaker:
Miami and Fort Lauderdale are not inexpensive destinations anymore. We have some of the finest hotels, restaurants, and cultural events in the world. Whether it’s high-end sports events, Michelin-starred restaurants, or Art Basel, everything has to be elevated to meet the expectations of a sophisticated consumer… [For example] Art Basel brought its show here 21 years ago, and now there are 20 different art fairs during Art Week. The town sells out, and room rates skyrocket to $2,000 a night… It’s about more than just tourism. It’s about creating an ecosystem that supports luxury, culture, and business. The ripple effects extend to every part of South Florida’s economy…. Visitors [now] generate $21 billion annually from 21 million tourists. Their spending funds local services, like police and schools, through taxes.
