Remember the $17 million dollar impact promised by the CVB for the soccer tournaments which was closer to $3-4 million. Well they are at it again, pulling numbers straight from their rearends;
When Garth Brooks takes over the Denny Sanford PREMIER Center the next two weekends, he’ll bring with him a $12.5 million dollar direct economic impact according to the Sioux Falls Convention and Visitors Bureau.
I will have to give the EC credit for telling part of the story . . .
Semrau says if the 11,000 people attending each show spend at least $10 on food, beverages or memorabilia, that’s roughly $1 million in taxable sales alone.
. . . if you do the math, that is $35,ooo in tax revenue (3.5 pennies), and $1 million straight in the pockets of SMG and straight out the door of Sioux Falls into their shareholders bank account.
But it gets even better, because the $12.5 million number reported last night jumped to $36 million according to the Stormland-TV reporter this afternoon.
I guess if you have a rearend and you can pull large numbers from it, you can work for the CVB. And do it with a straight face.
Stormland has historically been the worst at these types of fluff stories. These pie in the sky press releases are always their top story of the night, and there’s no accountability to their numbers. They point a camera in Terry Ellis-Schmidt’s face and nod their heads as she babbles nonsense about how the cash spent on an overpriced beer somehow ripples through Sioux Falls like a pinball machine.
No doubt Garth Brooks will be a financial impact. Undoubtably, it’s overestimated.
I was watching the news late last night, and now it has jumped to $37 million. I’m expecting it to jump to $60 million by the time Garth rolls into town. Than when the financial report comes out 2 months from now, all we will have is crickets. At $37 million we should see (3.5 pennies) a $1.3 Million in extra tax revenue.
Sales taxes or not, at least for nine days we won’t have to worry about an alien invasion:
https://www.youtube.com/watch?v=GSbigjiKLoU
Oh, and do they still have those political markets where people can buy into possible events or political realities? If so, we should try to get the estimate up to $ 60 million, then we will sell short our interest leaving the worthless shares to those who will believe almost anything…. Or how about the options market? The calls seem to be strong here so it shouldn’t be to hard to a place a successful put….
The $37 million we should see (3.5 pennies) a $1.3 Million in extra tax revenue is actually going to be less. If people are spending all this money at the Garth events, they will not be spending for other entertainment or shopping.
The only bump we may see is the entertain tax being larger but not the other two by much if any. What a bunch of liars.
Since all the out-of-towners are here paying in $XXX,XXX,XXX in tax’s, does that mean we should comp garth and trish when they come in or do we still have to charge them the full price thanks