Economic Impact of Super Bowl 2014 on New York/New Jersey

 

  

MetLife Stadium Tickets

 

The Super Bowl is considered to be the definitive sporting event. The game usually attracts and sells out tickets to fans and enthusiasts of the sport of football. These individuals have no qualms in paying significant amounts of money to experience the allure of what has often been called an historical game. The Super Bowl collects astonishing television audiences and continues to be the most watched television program each year. Data examined and analyzed by certain media corporations has proven that many of the few Super Bowls that have aired on TV were the most watched sporting events of that decade. It would seem that the greatest interest of the game is the fact that it spurs significant and momentous economic impact to the cities where it is played as well as general media attention.

The game is unlike other football games in terms of appeal, enthusiasm as well as devotion by fans and non fans of the sport of football. The reputation of the game is so notable that many deem it a national holiday, called Super Bowl Sunday. Perhaps, the appeal of Super Bowl is the fact that it has captivating concert-like halftime celebrations as well as it is deemed the largest food consumption day in the United States. The game was originally started through an agreement that took place between the American Football League and the National Football League.

The 48th edition of Super Bowl will be Super Bowl 2014. Presently the game is scheduled to be broadcast on TV in the month of February in 2014 and is to be played at the MetLife Stadium in the state of New Jersey. Home to both the New York Giants and the New York Jets, the stadium sits next to the former area where the Giant Stadium was. The stadium is currently managed by the New Jersey Sports and Exposition Authority. The two teams that share it built it using private funds in a joint operation. The stadium is operated through a company designated as a 50/50 venture. This Super Bowl game will determine who the victor is for the football season of 2013. It is significant to note that this particular game will be the first one that has ever been placed outdoors in an environment stated that is usually very chilly. It is also the first bowl game in 38 years to be played on artificial turf. Both New York and New Jersey will host the event, which is also a first. Currently, the rights to broadcast the game in the United States are held by Fox. The game is also transmitted on CTV in Canada. The economic impact of Super Bowl 2014 on New York/New Jersey will be interesting to watch.

Economic Impact of Super Bowl 2014 on New York/New Jersey

Cities have to incur significant costs when they host events such as the Super Bowl. There are security measures, as well as public works and traffic personnel that need to be acquired given the amounts of individuals that come to the city for the game as well as the celebrations that follow. Data has revealed that the cost of the Super Bowl 2004 was approximately $2.3 million and that contrasts notably with the amount of finances that the city or cities hosting the game receive in taxes associated with hotels, sales as well as alcohol; not to mention those individuals who seek out rental cars. It can be said that the economic impact of Super Bowl 2014 on New York/New Jersey will outweigh any kind of expense that either city is making. The advantage of hosting Super Bowl thought is not necessarily to increase government revenue, but it is to welcome travelers to the city where they can enjoy the surrounding historical and cultural aspects. This particular ideal cannot be quantified. The Super Bowl 2014 will attract individuals to the states of both New York and New Jersey. Hence, both states are scheduled to receive an immeasurable amount of money. Even if individuals have already been to either state, there will still be significant revenue streams that come in to both states as consequence of the event.

Super Bowl XLVIII is expected to give an economic shot to the states of New York and New Jersey. There are estimates currently of anywhere ranging from $550 to 600 million. This money has been stated to currently be in usage for improvements in infrastructure as well as the expansion of certain hotels in the two states. Triple Five, the corporation that owns the Meadowlands Project has stated that it will spend at least $1 billion to ensure that the entertainment and shopping area is ready for game time.

A chief executive for American Express, Al Kelly, stated that the benefits are more important to the area than the actual game. The game is typically considered to be the driving force behind tourism as well as additional events within the area. This then is very important to Governor Christie, Mayor Bloomberg and Governor Cuomo. Everyone associated with the Super Bowl in 2014 have stated that all three individuals have been very cooperative throughout the process of getting both states ready for the event. It should be noted that planning is still in need. While one may think MetLife Stadium and all of its benefactors are ready for the event but strategic preparation goes into the planning of the Super Bowl, which is an economic boom. Everything has to be accounted for, based off previous year’s costs.

Even though prior years can be examined in order to try and quantify what needs to be done, two states are hosting the event this time. There are high expectations because New York has many attractions for tourists who are coming to see the Super Bowl as does New Jersey. The base of operations for NFL is scheduled to be happen in New Jersey in addition to galas associated with the teams. Television networks as well as other media types are typically ready weeks before the game to be the first to report on the game. The director of Meadowlands Chamber of Commerce, Mr. Jim Kirkos, stated that it can be assumed that all hotel rooms in the northern area of New Jersey are booked or rather will be in advance of Super Bowl of 2014.

There is significant anticipation about the potential economic impact of Super Bowl 2014 on New York/New Jersey. On hotel in particular, the Newark Airport Marriott has already started expanded in anticipation. The Marriott Company has already stated that it will take $34 million to reinvent and rejuvenate the lobby of the hotel, as well as food and entertainment venues inside the hotel. The hotel is anticipating significant usage of their ballroom as well. Other areas of New York and New Jersey that will benefit will be public transportation as well as airlines, taxis and bus companies. Both states look for it to be a powerful and exciting time in terms of the economic impact. Kirkos is encouraging all businesses within the region to be prepared for the amount f people who will grace the streets of the states of New York and New Jersey as a result of the Super Bowl celebration. Kirkos notes that it will be a time like no other in the two states.

Ascertaining the impact of Super Bowl to the local economy can be a daunting process and is often said to be the subject of heavy debate. In order to properly analyze the economic impact of Super Bowl 2014 on New York/New Jersey, individual expenses dating back several years would need to be looked into to determine if the impact was a result of the Super Bowl. While it can be reasoned that this is so, the task in understanding and making an official ruling on it is quite another matter. Many analysts have stated that the task can be impossible, but that does not necessarily hinder states like New York and New Jersey from trying to determine what the impact of the Super Bowl in 2014 will be.

The National Football League requires what are known as competitive bids to be placed in order for a state to host an event. In other words, they have a vested interest in seeing significant and almost breathtaking economic impact to the states. An example of this was when New Orleans Saints in the Super Bowl XLI gave roughly $480 million to impact that area. In spite of this number for Super Bowl XLI, studies show that the game only gives when all is said and done about 25%, of what National Football League proposes that it should. One hotel industry analyst, Robert Rauch, stated that the real economic impact lies within the estimates of the NFL and those of scholarly business people. It is unanimous however, that for cities to host a Super Bowl, that economic impact of a grand nature is sure to follow.

 

Recently Viewed Links