Major events and your local economy

[Unorthodox]

The Sundance film festival is descending on Utah, and thus dominating our local news cycle. 

Coming to Park City, a town of ~8000 residents, with an expected 60,000 people per day expected to attend over the 10 day festival.  You can guess the town pretty much REVOLVES around this event.

Thinking on it, much of the infrastructure to support such large numbers (didn't used to be nearly so big) was put in place during the Olympic games of 2002. 

I don't know what percentage of the yearly profit the businesses of park city expect to do over the 10 days, but you can bet it's a decent chunk. 

Now, not every major event is such a happy relationship. 

The city of St Louis just lost their football team, which guaranteed a major event every home game, and minor ones for away games, for 1/4 of the year.  There's big talk about being able to fill the void with conventions, but that could just be wishful thinking.  Plus the taxpayers still owe millions on the facilities. 

When working summers in Flagstaff couple years ago, the town revolved around Training Camp for the Arizona Cardinals.  The month or two the team was there was a clear boom to the economy, and when they left, so did many businesses.  (including my favorite hotel, though another company bought it, they weren't on my approved corporate list)

I've read the superbowl is rather hit or miss on the local economy. 

I'm not sure basketball/baseball have quite the same impact as there are so many games, but that might actually mean they have a greater impact, financially. 

[gwillybj]

We have stuff every season here in the Lake George region, so our economy relies a lot on events that draw 1000's of visitors.
The NY State Boy's Basketball Championships was here for many years but next year will be in Binghamton (I think). We have several major ski areas within a couple hours' drive. We have an AHL hockey team (Adirondack Thunder). The Lake George Winter Festival comes in February.
Summertime is not forgotten. We have Americade come to Lake George every June.
Autumn draws the leaf-peepers.
Spring is essentially for clean-up and gardening.

[Rusty Edge]

When Kohl sold the Milwaukee Bucks to the Billionaires, they demanded a new sports complex to stay. Much debate ensued. The Packers are fan supported, so most Wisconsonites  fail to see the need for taxpayer support for a professional sports team. I was in favor of issuing bonds to loan them money, not outright subsidies. But I don't really care about professional basketball. We're still paying for the Brewer's ballpark, due to unrealistic projections. After I don't know how many studies at what cost, the governor and a majority of politicians concluded that spending about $50 million and keeping the team was a net gain.

In the county where I was born in the Appalachians, there was an art festival. It grew into a big deal.
It consumed the downtown parking for a week, between closed streets, street fair, and exhibitor parking. The backers insisted what a great thing it was, squashing dissent. Cleary, it was good for downtown bars and restaurants. Well, most of them. It also brought in street food vendors which competed with some of them. But for many other businesses , it was a week's worth of lost pick-ups, deliveries and parking. They claimed it was good for hotels/motels, but I know it didn't fill them, and a lot of the hippy vendors were living in their vans. Beyond that, many businesses were strong armed into making donations/sponsorships. There was an increase in crime and police requirements, mostly traffic or alcohol related.

I have no idea if the thing was a net financial gain or loss for the town. I doubt that there was any unbiased information available.

[Buster's Uncle]

I've been praying for the Panthers to lose - they're a gang, not a football team, and I've been sick of them for all the years that all they did was kill people instead of ever winning football games.

-Right now, I keep trying to tell myself that if they get to the Superbowl, New Orleans will steal them before long, and I'll be able to watch the local News again...