David Rowe, professor of cultural research at Western Sydney University, said Tiley’s $1 billion estimate was “not terribly scientific”.

“It’s one of those calculations that are a bit meaningless,” he said. “But, obviously, the more exposure, the more valuable the product.”

The Open’s sponsors include Kia, which signed a $107 million deal last year to extend its 22-year partnership with Tennis Australia for another five years, Emirates, Rolex, Ralph Lauren and Piper-Heidsieck.

Last year, the Open signed up luxury brand Louis Vuitton to sponsor the case the trophies are carried in – which raises the question of whether the tournament has run out of things for brands to sponsor, with everything from the clocks to the champagne served courtside already covered.

“It’s a good question,” Tiley said. “Our job each year is to be really creative on how we find the right assets and the right opportunity for partners and then, when we go into the market, it’s not one of these approaches we take to put something up and hope someone sponsors it – it’s very carefully curated on finding something that works for the partner.”

He said that despite the tournament’s financial success, Tennis Australia would not pay back a $40 million loan from the Victorian government, which was waived last year.

“That was really treated in the last financial year, and it was already a gift, that loan,” he said. “That was managed through last financial year’s statements through benefits we provided back for that loan.”

Tiley said the benefits included the extension of Tennis Australia’s contract with Victoria to host the Open.

“That was an important commitment from Tennis Australia, that the Australian Open would remain in Victoria and Melbourne,” he said.

Jason Nuell, vice president for Australia, New Zealand and the Pacific at Marriott International, said the hotel giant’s previous four-year sponsorship had improved Marriott’s brand awareness and increased hotel occupancy and revenue in its 10 Melbourne hotels, which include The Westin, the Ritz-Carlton, The W, Sheraton and Marriott.

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“We have had a great history and partnership, and this event has just gone from stride to stride,” he said.

Nuell would not disclose the amount paid for the sponsorship, which has been estimated at $3 million a year, but said the hotel group wanted “an experience that money can’t pay for” for its Marriott Bonvoy members

“We can do behind-the-scenes opportunities for our members, clinics with the professionals, behind the scenes on event days, an exclusive lounge for the two-week period as well,” he said. “On the final days we have an exclusive box … The important point for us is that tennis is a world sport with four major grand slams, and when you think about our business, it is about global opportunities.”