Reprinted is a web posting of some of the economic impact the new arena may have. Sourced from http://www.bringitva.com/new-study-shows-statewide-economic-impact-of-502-million-from-proposed-arena/
VIRGINIA BEACH, Va. – A new economic impact report showcases the statewide economic impact from an arena and a potential NBA franchise in Virginia Beach would create more than $502 million a year in economic impact once the arena is operational in 2015.
The impact of an NBA franchise would be comparable with other major economic development projects in the state, according to the study. In 2008, Virginia attracted Rolls Royce to Prince George County resulting in an annual average economic impact of more than $200 million in Virginia’s Gateway region. The estimated economic impact of the arena and team is more than double the Rolls Royce project.
Other highlights from the study, prepared by Chmura Economics & Analytics, include:
The study focuses on the potential impact of a professional NBA team and a new arena on the state economy. Outside the 44 NBA games (three pre-season, and 41 regular season games), the arena can potentially host more than 150 other events per year. The economic impact is based on a conservative estimate that 85% of the seats would be utilized for the NBA games at the proposed 18,500-seat arena.
An earlier study, prepared by James V. Koch, Board of Visitors Professor of Economics and President Emeritus, Old Dominion University, estimated the economic impact of a new arena as more than $98 million to Hampton Roads alone.
More details, including both studies, are available at www.BringItVA.com.
Thank you, we'll be in touch!