Communities thinking of building or owning convention centers must realize that these centers are community loss leaders. Municipalities will probably have to subsidize the operations of these centers every year. And if these centers are planned and managed well, the return in "tourists" dollars and sales tax generated should exceed the subsidies.
An example is the Fort Smith Convention Center that created an estimated economic impact of $40 million on an annual subsidy by the City of Fort Smith to the tune of about $777,000 a year.
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An example is the Fort Smith Convention Center that created an estimated economic impact of $40 million on an annual subsidy by the City of Fort Smith to the tune of about $777,000 a year.
Read more...
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