By Kevin Gray
BUENOS AIRES, Jan 6 (Reuters) - As eight horses and riders
galloped in pursuit of a wooden ball one recent afternoon, U.S.
movie director Robert Duvall rubbed shoulders with Argentine
former soccer star Gabriel Batistuta.
The celebrities were on hand to help promote a multimillion
dollar project aimed at capitalizing on Argentina's position as
the world's top destination for polo, a game that could be
described as field hockey on horseback.
Argentina has dominated the sport for decades, but
development really took off in the last few years after a
currency crisis in 2001 and 2002 made it cheaper for foreign
players to come here to play.
Now, the global financial crisis has thrown some of these
projects into question as even the super-wealthy, who make up
most of polo's players and spectators, tighten their belts.
Adolfo Cambiaso, widely recognized as the world's top
player, is undeterred by the economic slowdown as he promotes
the latest project with a game at his private ranch in
November, attended by Duvall, Batistuta and other celebrities.
Cambiaso's plans call for ground to be broken later this
year on a polo village in which each home will have its own
polo field and stables, right next to his own ranch in the city
of Canuelas, outside Buenos Aires.
"Here in Argentina it is easy to practice and play because
we have the horses, the land, the players -- everything," said
Cambiaso, who already has his own line of polo clothing.
Another project is the Culu Culu Polo Resort backed by
about $80 million from Dubai-based hotel operator Jumeirah
Group, which is set to open in the the town of Lobos within the
next two years.
It includes a polo hotel and private residences built
around 8 polo fields, which typically are around 300 yards (274
metres) long. Four-bedroom houses will go for more than $2
million.
"Our targeted public is still living the way they always
have despite the crisis. It's not that they mind losing money.
But there is always a public for a high quality product like
this," said Chief Financial Officer Carlos Urriza.
"CATHEDRAL OF POLO"
First played in Asia centuries ago, polo was westernized by
British colonialists in India. At a furious pace, two teams of
four people, each on horseback, use long mallets to knock a
wooden ball between two posts to score goals.
It has been long embraced by elites in Europe, the United
States and parts of Asia, and has seen its popularity grow in
recent years in China, South Africa, Japan and Australia.
But Argentina, where it was introduced in the 19th century
by the British, is its undisputed center, home to polo's
premier tournament, the Argentine Open Championship, and most
of the sport's top players.
England's Prince Charles and Prince Harry played polo
during visits to Argentina in recent years. Actor Tommy Lee
Jones, a polo enthusiast, owns an Argentine ranch and makes an
annual trip to fine-tune his game and buy horses.
In the recent boom, many Argentine players have sought to
build off the country's rich polo tradition, breeding and
selling polo ponies, with some of the best going for more than
$50,000. Others have turned to making polo-related goods like
saddles or clothing.
Polo tourism has developed on a smaller scale in South
Africa and India, but Argentina is out to glamorize a polo
lifestyle on the country's famed Pampas grasslands alongside
the world's best players.
The big-ticket projects target polo fanatics and
experienced players who travel the world to see and play the
sport.
Many of the top teams are funded by patrons who spend
hundreds of thousands of dollars, if not millions, on horses
and players, flying them around the globe to compete in
tournaments.
Argentine executives say they hope the new projects will
appeal as an attractive investment for the wealthy at a time of
financial uncertainty.
They play up Argentina's distance from any global conflicts
or terrorist threats and say as far as ultra-luxury real estate
investments go, prices remain relatively affordable.
"We are the cathedral of polo, and many people understand
that offers business opportunities," said Urriza of Jumeirah
Culu Culu Polo Resort.
Clive Reid, the managing director of a trading company
based in London, was among those who traveled to Argentina for
polo despite the economic downturn.
Polo in Argentina is a way of life, he said. "If you ask
anybody where are the best horses, the best players, they would
say Argentina."
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