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Monday, May 9, 2011

The Moneris Spending Report Confirms The High Impact Of UFC On Spending In Toronto

TORONTO - May 9, 2011 – Moneris Solutions, Canada’s largest credit and debit card processor, today released data confirming the positive economic impact of the first Ultimate Fighting Championship (UFC) event in Toronto. The Moneris Spending Report showed a substantial increase in dollars spent on Saturday, April 30, the day of this much-anticipated event.

Restaurants in Toronto realized one of the largest increases, with 19.2 per cent jump in dollars spent compared week-over-week. Similarly, bars and pubs experienced 15.7 per cent increase as fans were abuzz with excitement. These results confirm that in addition to the estimated 55,000 people at the Rogers Centre, many more watched this popular event outside their home.

The Moneris Spending Report also showed a sizable increase in other categories. The influx of people making their way to downtown core brought much-welcomed increase in retail spending. Apparel and sporting goods stores saw 41.3 per cent and 33 per cent increase in dollars spent, respectively.

In addition, many travelled to Toronto to experience the event in person, as evidenced by the 20.3 per cent increase in dollars spent at hotels. The focus was however truly on the UFC event – the entertainment category, which includes cinemas and theatre saw a decline of -0.8 per cent.

“UFC brought a knockout result to Toronto. Special events bring an injection of excitement to cities, and result in a win for businesses of all sizes,” said Santo Ligotti, Vice President, Marketing, Moneris Solutions. Events, such as St. Patrick’s Day, were a great success this year, generating 21.22 per cent and 10.95 per cent growth for restaurants and drinking places, compared to 2010. On St. Patrick’s Day, spending was up 65.82 per cent at drinking places, compared to the previous week.

About The Moneris Spending Report

The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes – the dollar values of credit and debit card transactions being processed by merchants.

About Moneris Solutions

As one of North America's largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.