Tony
11-11-2008, 13:47
After a setback last year, the UFC is looking to get back into New York state. In order to convince the legislature to regulate MMA, they paid for a study on the economic effect of bringing the UFC to New York:
The study was authored by HR&A Advisors and commissioned by the UFC. The study’s findings focused on two centers for event tourism in New York – Buffalo and New York City. The HSBC arena in Buffalo accommodates up to 19,200 people for events, while Madison Square Garden, the preeminent destination for combative sports, holds up to 20,000.
According to the study’s findings, a hypothetical event in Buffalo could generate $5.2 million in economic activity and produce $350,000 in tax revenues for New York State. An event in New York City, presumably at MSG, could generate $11.3 million in economic activity and $917,000 in tax revenues for the state.
This new tactic is brilliant, and is likely to be very successful. New York state is in serious economic trouble right now, and has been forced to raise taxes and cut benefits to deal with serious budget shortfalls. The collapse on Wall Street is particularly brutal on New York, which has spent years operating with a booming tax revenue base due to the rapid growth in the financial sector.
The main opposition so far comes from Democrats, and I suspect the promise of more tax revenue right now will be enough to sway them. Look for a surprising turn in their opinion of MMA. The UFC should be at MSG by the end of 2009.
The study was authored by HR&A Advisors and commissioned by the UFC. The study’s findings focused on two centers for event tourism in New York – Buffalo and New York City. The HSBC arena in Buffalo accommodates up to 19,200 people for events, while Madison Square Garden, the preeminent destination for combative sports, holds up to 20,000.
According to the study’s findings, a hypothetical event in Buffalo could generate $5.2 million in economic activity and produce $350,000 in tax revenues for New York State. An event in New York City, presumably at MSG, could generate $11.3 million in economic activity and $917,000 in tax revenues for the state.
This new tactic is brilliant, and is likely to be very successful. New York state is in serious economic trouble right now, and has been forced to raise taxes and cut benefits to deal with serious budget shortfalls. The collapse on Wall Street is particularly brutal on New York, which has spent years operating with a booming tax revenue base due to the rapid growth in the financial sector.
The main opposition so far comes from Democrats, and I suspect the promise of more tax revenue right now will be enough to sway them. Look for a surprising turn in their opinion of MMA. The UFC should be at MSG by the end of 2009.