PASADENA (CBSLA.com) — The thousands of tourists expected to visit Pasadena during the Rose Parade and the Rose Bowl are predicted to bring millions to the cash-starved local economy.

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Paul Little, the president of the Pasadena Chamber of Commerce, said visitors will spend around $38 million during the one-day event on New Year’s Day.

Little said if you add surrounding areas to the mix, the financial impact is more like $200 million.

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“If you think about it, how many other cities in the world are known by billions of people around the world? This is our signature event, but this is the reason Pasadena is on the map worldwide,” he said.

Bob Harrison, the co-owner of the Green Street Restaurant in Pasadena, said his business will be booming over the next few days.

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“We get busy right after Christmas. It’s a lot of people that are coming in, visiting family…coming to the parade and the game. It just keeps getting busier every day,” he said.