NEW YORK ( TheStreet) -- The NBA All-Star Weekend is coming to New York City in 2015 and it won't just bring buckets of balls, it will also bring buckets of money. When Florida hosted the game in 2012, Orange County enjoyed more than $95 million in economic impact, according to a study by Strategic Marketing Services and SportsEconomics, LLC. The event also created more than 2,000 jobs and $2.4 million in new tax revenue.
Scott Minto, San Diego State University Sports MBA Director, points out that the timing is good for New York City. "It's a quiet time of the year, tourist-wise," says Minto. "The holidays are over, but it's still winter, so it's a good boost to the city."
Talk about a boost. Visitors are expected to bounce-pass millions of dollars for hotels, car services, food and drinks. Plus, don't forget about the parties. Houston hosted the 2013 NBA All-Star Game and counted 94 separate events and parties connected to it.
"We called it blood money," said Jennifer Mishriky of CTI Ground Transportation in Houston. "Because it was blood, sweat and tears to pull it off. We did a months' worth of work in four days." She also noted that they had to raise their prices during that time, due to the demand for cars. "There are only so many cars to go around, so if you wanted an airport transfer, you had to book the car for a 10-hour day."Some may be offended thinking the fans are getting ripped off, but don't kid yourself -- this is a corporate event. "These are corporations coming in, entertaining clients and throwing parties," said Minto. Plus, he added, "There is an entertainment crossover with the NBA. Actors who wish they were athletes, rappers. It's the hottest ticket in town." Mishriky agrees. "The NBA is the biggest party in town because the rap industry piggybacks the event." Her corporate drivers that normally deliver CEO's to board meetings were unaccustomed to staying out all night waiting for their party-going customers to finish. That shouldn't be a problem in NYC, which thrives on the late-night party.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts