Businesses around Quicken Loans Arena are thrilled with the news LeBron James is returning to the Cleveland Cavaliers because the four-time MVP’s return should serve as a huge economic boost to small businesses in the downtown area.
James’ return could have a $500 million a year impact on the local economy, with a boost from additional ticket sales and other spending, according to Cuyahoga County Executive Ed FitzGerald, via Bloomberg.
Here’s how tricks-down LeBronenomics works, according to Time:
“…Fans will flock to Quicken Loans Arena to see James play, more staff will be needed at the arena to handle those larger crowds, more money will be spent during games at local bars and restaurants, and all of that will get pumped back into the region…”
That’s not even taking into account hotels, museums and other places of business that stand to benefit from more foot traffic.
James’ financial impact will be most visible on the team he plays for. Cavs attendance increased from aboout 12,00 before James was originally drafted, to about 20, 5000 during his final season in Cleveland. Cavs game alone could generate about $268 million. according to the Cuyahoga County Fiscal Office.
James also makes the Cavaliers a billion-dollar franchise, according to Bloomberg. In January, Forbes estimated the organization’s value at $515 million.
Do you see yourself spending more money downtown now that LeBron is back?