OT: Miami May Lose $200M From NBA Lockout
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LeBron James might disappear in the fourth quarter of playoff games, but should the NBA regular season vanish, a big chunk of the South Florida economy may go up in smoke.
Economists tell CBS Miami that South Florida may suffer $200 million in losses if there is no pro basketball this year. Need an example of the shortfall? CBS reports parking near the American Airlines Arena is now going for three bucks.
And the lockout will do major damage to other cities, too.
In Cleveland, WOIO reports up to 35 percent of downtown restaurants' annual revenue comes from NBA games.
Portland says no Blazers games translates to a $59 million hit, Oklahoma City claims it will lose $60 million if Kevin Durant doesn't play, and Tony Parker's Spurs are worth an astonishing $90 million to the businesses of San Antonio.
Though Miami will feel it the worst, some believe the whole reason for the lockout itself is the Heat's ability to add James and Chris Bosh last year during free agency. Small market owners want to make sure that never happens again.
Of course, it's not just local cities that will need a major league stimulus plan. Bloomberg reports that Tuesday is the day pro basketball players were supposed to get their first paychecks of the 2011-12 NBA season. With
the games on hold, the NBA's players are missing out on an average game check of $425,000.
As a whole, the National Basketball Association has an annual revenue of about $4.3 billion, with more than $1.1 billion of that figure coming from gate receipts last season.
http://www.thepostgame.com/blog/dish/201…
Economists tell CBS Miami that South Florida may suffer $200 million in losses if there is no pro basketball this year. Need an example of the shortfall? CBS reports parking near the American Airlines Arena is now going for three bucks.
And the lockout will do major damage to other cities, too.
In Cleveland, WOIO reports up to 35 percent of downtown restaurants' annual revenue comes from NBA games.
Portland says no Blazers games translates to a $59 million hit, Oklahoma City claims it will lose $60 million if Kevin Durant doesn't play, and Tony Parker's Spurs are worth an astonishing $90 million to the businesses of San Antonio.
Though Miami will feel it the worst, some believe the whole reason for the lockout itself is the Heat's ability to add James and Chris Bosh last year during free agency. Small market owners want to make sure that never happens again.
Of course, it's not just local cities that will need a major league stimulus plan. Bloomberg reports that Tuesday is the day pro basketball players were supposed to get their first paychecks of the 2011-12 NBA season. With
the games on hold, the NBA's players are missing out on an average game check of $425,000.
As a whole, the National Basketball Association has an annual revenue of about $4.3 billion, with more than $1.1 billion of that figure coming from gate receipts last season.
http://www.thepostgame.com/blog/dish/201…
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15 comments
A few years ago, some folks tried to sell Louisville on bringing an NBA team to town. I wasn't a proponent then, and I'm even less of one now. I'm skeptical of the claims of an economic boon where sports teams are concerned. I'm sure they bring in millions of dollars, but I haven't seen a lot of evidence that the taxpayers who are funding stadiums see much of that.
The lost revenue can be replaced by the porn industry. They need to be encouraged to churn out more videos. Maybe hire the strippers that will be feeling the pinch from loss of their NBA income. see? we can solve this.
Seriously, it's back of the sports section news in DC . On the other hand, during the NFL lock-out, this place was going crazy. 24-7 fan ranting on the local sports talk radio. When it looked like we might actually miss some games, there was serious talk of the President or Congress intervening. Nobody gonna take away our Redskins! (which is kinda funny, because the team sucks AGAIN this year, lol).
It's a mystery (or perhaps shameful) that the BEST college sport becomes the WORST professional sport. I live for college basketball but the NBA sucks.
Let's talk hockey !!