Bear Stearns Analyst Gauges Impact of Super Bowl XXXIV: Jason Ader Says Atlanta Will Reap $410 Million.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 25, 2000 Super Bowl XXXIV Super Bowl XXXIV was the 34th championship game of the modern National Football League (NFL). The game was played on January 30, 2000, at the Georgia Dome in Atlanta, Georgia, following the 1999 regular season. will generate approximately $410 million in economic impact for greater metro Atlanta in a four-day period, according to Jason Ader, Bear Stearns senior managing director and gaming, lodging and leisure analyst. &uot;Enthusiastic tourists eager to spend money on lodging, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. , souvenirs, transportation and other items spell a windfall for Atlanta during the Super Bowl period,&uot; Mr. Ader said. &uot;The championship game is the nation's largest sports celebration, and fans, including major corporate figures, visit and infuse in·fuse v. 1. To steep or soak without boiling in order to extract soluble elements or active principles. 2. To introduce a solution into the body through a vein for therapeutic purposes. the region with more capital than traditional tourists,&uot; Mr. Ader noted. For its analysis, Bear Stearns used a proprietary forecasting model which factors prior-year Super Bowl economic figures, as well as; current-year seating-capacity, lodging and restaurant supply, air/rail and road access, area consumer demand estimates and consensus macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. assumptions. Mr. Ader asserts that, among other factors, a booming consumer economy will help Atlanta surpass the $396 million economic impact on Miami of Super Bowl XXXIII Super Bowl XXXIII was the 33rd championship game of the modern National Football League (NFL). The game was played on January 31, 1999 at Pro Player Stadium in Miami, Florida following the 1998 regular season. and the $295 million economic of Super Bowl XXXII Super Bowl XXXII was the 32nd championship game of the National Football League (NFL). The game was played on January 25, 1998 at Qualcomm Stadium in San Diego, California following the 1997 regular season. on San Diego. Those historical figures are from studies performed by the Sports Management and Research Institute and PricewaterhouseCoopers, respectively. Another benefit of the Super Bowl is the incalculable positive worldwide media coverage that Atlanta will receive, as billions watch the game on ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. . The Bear Stearns analyst believes that the exposure will bring even more tourism to the community in months and years ahead. Atlanta Hotels Are Big Gainers &uot;Largely on the strength of Super Bowl-based demand, average daily hotel room rates in the greater Miami region rose from $118 per night in January 1998 to $138 per night in January 1999, nearly a 20 percent increase year-over-year,&uot; Mr. Ader remarked. &uot;Accordingly, we expect a similar increase in Atlanta's average daily hotel room rates this month above their traditional January level.&uot; Game Has Impact Beyond Atlanta The positive economic effects of the Super Bowl are felt in the far-away desert gaming capital of Nevada Noun 1. capital of Nevada - capital of the state of Nevada; located in western Nevada Carson City Battle Born State, Nevada, NV, Sagebrush State, Silver State - a state in the southwestern United States . Wagers on the Super Bowl generate approximately $70 million annually for Nevada's legal sports books, according to the American Gaming Association The American Gaming Association (AGA) is a United States gaming industry association. The AGA was founded in 1995 with the goal of promoting, educating and lobbying on behalf of the gaming entertainment industry through education and advocacy. . &uot;The actual financial benefit to public casino companies of Super Bowl wagering can vary enormously year to year,&uot; Mr. Ader noted. &uot;In recent years, casinos' profits from such wagering have ranged from 0.6 percent of gross wagers to as high 3.8 percent.&uot; America's other legal gaming state, New Jersey, currently does not permit wagering on sporting events. However, according to Mr. Ader, that could change. &uot;Legal sports wagering is a comparatively low-cost revenue source for casinos. There are some legislators who favor making such activity legal in New Jersey, enabling the industry and state to share in the boom that stems from fans' legal betting on their favorite teams,&uot; Mr. Ader says. For more information or to speak with Jason Ader, please contact Christina Conde at 212-272-4320 or Russell Sherman 212-272-5219. Founded in 1923, Bear, Stearns &Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $21.4 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent clearing, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has over 10,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com. Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Bear Stearns may make markets and effect transactions, including transactions contrary to any recommendations herein, or have positions in the securities mentioned herein (or options with respect thereto) and may also have performed investment banking services for the issuers of such securities. In addition, employees of Bear Stearns may have positions and effect transactions in the securities or options of the issuers mentioned herein and may serve as directors of such issuers. Copyright (c) 1999. All rights reserved by Bear, Stearns &Co. Inc. |
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