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According to a recently released impact report, Los Angeles is expected to reap significant economic benefit from hosting the NBA All-Star Game in 2011. The study, conducted by Micronomics, a leading local economic research and consulting firm, concluded that the event will add at least $85 million to the Los Angeles economy.
Of that, $60 million of the total revenue generated is expected to come from visitors attracted to Los Angeles to attend NBA All-Star Weekend events. The influx of out-of-towners means more money will be spent on area hotels and lodging, transportation, food, beverages, entertainment and shopping. Increased economic activity from local residents and businesses is expected to generate an additional $25 million.
“Marquee events like the NBA All-Star Game provide a welcome boost to the local community, especially during this time of economic recession,” said Micronomics president, Roy Weinstein.
NBA All-Star 2011 includes the T-Mobile Rookie Challenge & Youth Jam, All-Star Saturday Night and Jam Session presented by Adidas. Jam Session is an interactive fan experience open to the public from February 18 – February 21, 2011 at the Los Angeles Convention Center. Tickets for Jam Session will be available for purchase in December.
In addition, NBA All-Star 2011 will include the NBA Cares community program which will focus on building and enhancing specific Los Angeles community sites that help residents “live, learn and play.”
The report also highlighted contributions that are not easily quantified, such as television coverage depicting the city as a congenial, warm weather tourist destination during winter, exposure to the Los Angeles market of leading business executives and others who attend the Game, and the NBA’s tradition of organizing local community service projects in connection with All-Star weekend.
The LA Sports & Entertainment Commission commissioned Micronomics to undertake the investigation. The 2011 NBA All-Star Game will be held at Los Angeles’ STAPLES Center on February 20, 2011
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
