LOS ANGELES (CBSLA.com) — A two-day music festival at Grand Park over Labor Day weekend generated a total of $14.7 million in economic activity for the city of Los Angeles, officials said Monday.
People who attended the Made in America event spent about $7.8 million at bars and restaurants, and on buying food, beverages and merchandise at the festival, while another $6.9 million was spent to produce the event, according to an economic analysis commissioned by the city.READ MORE: LeBron Ruled Out For Thursday's Matchup Against 76ers
Economic and Planning Systems, which performed the analysis, also found that the city came out ahead in costs. City services used during the event were calculated at $760,698, with the city expecting to receive $292,000 in tax revenue, plus $500,000 from promoter Live Nation.
The Jay-Z and Live Nation-promoted concert, which included acts such as Kanye West and Imagine Dragons, was attended by at least 30,000 people each day. The two-day tickets were valued at around $185.
Mayor Eric Garcetti, who advocated for the festival to be held at the downtown park, dubbed it a success.READ MORE: Queen Mary Closed To The Public For Critical Repairs
“We achieved our goals to boost our local economy, provide attractions for our residents and visitors to enjoy and show that city government can cut red tape to host world-class events in Los Angeles,” he said.
Council President Herb Wesson, noting the event’s effects on the economy and city coffers, said, “let’s do it again.”
The report also suggested more revenue could be gained from future events by bringing in more participants from out of town, getting visitors to stay longer and giving them more opportunities to spend money, doing more marketing for local businesses, and charging fees to promoters that reflect the actual costs to the city.MORE NEWS: OC Spanish-Speakers Left Broke, Without Their Cars By Get Rich Quick Scheme Advertised On Facebook Marketplace
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