Professional Sports Events, Concerts, and Urban Place Based Policy: Evidence from the Staples Center
24 Pages Posted: 27 Nov 2017
Date Written: November 20, 2017
We analyze the relationship between sports events and concerts, important hospitality demand drivers and key components of many urban renewal projects, in the Staples Center in Los Angeles, an arena home to three pro teams, and nearby hotel performance, exploiting exogenous daily variation in the timing of games and concerts from 2002 to 2017. Results show a small positive impact on revenue per available room at hotels within one mile of the arena and an offsetting decrease at hotels located one to four miles away. Granting nearby hotels exemptions from Los Angeles hotel taxes reduces potential tourism-generated hotel tax revenue increases.
Keywords: place based policy, hotel operating performance, professional sports
JEL Classification: H71, Z23, Z28
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