Why Do Cities Spend Millions To Host Sporting Events?
May 3, 2022
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1:50Now PlayingWhy Do Cities Spend Millions To Host Sporting Events?
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as posted by the channelWhy do cities bidding millions of dollars to host sporting events? Check out the video to learn why!
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When a significant sporting event takes place in the area, the local economy booms. The money generated by major events such as the Super Bowl, NBA All-Star Weekend, or the NFL Draft brings an influx of new money, which is why communities compete for millions of dollars to host big events.
According to the Atlanta Journal Constitution, Atlanta spent $46 million for the right to host Super Bowl 53 in 2019. However, it was well worth it, since it is estimated that the city made ten times as much as they paid once the event was completed.
Cities, on the other hand, take full advantage of the chance. According to a report by The Street, the average hotel rate increased by 300 percent during Super Bowl 56 in Los Angeles, while airlines charged over $800 per ticket.
That's why, year after year, cities with significant sports teams build bigger and better venues in the hopes of hosting these events, and now more events are taking place.
The National Football League (NFL) allowed towns to begin bidding on who will host the draft in 2015, which is when teams choose new players from the rookie class.
Having more events also gives smaller cities a chance to cash in. According to Cleveland City Hall, the 2019 NFL Draft brought in an estimated $42 million in revenue to the city.
The draft is one night in other leagues, such as the National Basketball Association or the National Hockey League. They sell tickets and fans attend, but it isn't as big as the NFL has made it out to be.
So what do you think? Should more sports leagues give cities the opportunity to host major events? Let us know in the comments below.
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