Debate Over Economic Impact of Preakness Stakes on Baltimore and Boston Celtics' Championship Win Boosts Boston's Economy

In a recent article from The Baltimore Banner, economists debate the economic impact of the Preakness Stakes on Baltimore [dc9913f4]. A report commissioned by the city projected that the Preakness could generate over $50 million in economic impact if the state refurbished the racetrack. However, economists Raymond 'Skip' Sauer and Dennis Coates argue that the Preakness has no impact on employment, income, or tax revenues. They believe that when consumers spend money at major sporting events like the Preakness, they are simply shifting spending away from other activities. Additionally, the higher hotel rates during the event discourage other groups from visiting Baltimore. Despite these arguments, Sauer, a sports economist and part owner of Ten Strike Racing, still enjoys horse racing. Maryland has invested up to $400 million in revamping the Pimlico Race Course and building a new training center. Sauer finds it ironic that his sport is receiving public funding while other sports have received billions of taxpayer dollars [dc9913f4].

The debate over the economic impact of the Preakness Stakes on Baltimore continues. While the city's report suggests a significant boost to the local economy, economists argue that the event's impact is overstated. They contend that spending at the Preakness merely diverts money from other activities and that higher hotel rates during the event discourage other visitors. Despite these arguments, the Preakness remains a popular event, drawing fans from outside of Maryland. The article also highlights the irony of public funding for horse racing when other sports have received substantial taxpayer dollars [dc9913f4].

Meanwhile, in Boston, the Boston Celtics' championship win has provided a boost to the city's economy [ac985df4]. The run to clinching Banner 18 proved to be a godsend for businesses in Boston, with increased foot traffic and support. The Tip Tap Room in Beacon Hill saw a surge in customers, with 557 people coming in for lunch and dinner ahead of Game 5. Each NBA Finals game injected nearly $6 million into the local economy, and city hotels experienced a significant increase in bookings. The success of Boston's sports franchises, including the Celtics, has contributed to the revitalization of the West End and the development of luxury condominiums and mixed-use spaces. The Celtics' enduring excellence in the NBA is a driving factor in the overall revitalization of the area. The local economy saw a 20% bump from the Celtics championship parade alone. The success of the Celtics and other Boston sports teams is expected to continue to have a positive economic impact on the city [ac985df4].