LeBron James’ much awaited return to Ohio will be a boon for local tourism, and will generate as much as $215 million – ten times the NBA star’s salary with the Cleveland Cavaliers.
According to data compiled by Bloomberg News, that figure comes from increased tourism, tax revenues, related service industry spending on game days and team business.
Immediately after the news was announced, the Cavs sold out its season tickets in less than 10 hours.
According to ticket data firm SeatGeek.com, James’ return will boost regular-season sales by about $7.9 million and a potential $33.3 million extra for playoff games.
Bloomberg says sponsorship will likely rise 30% on the back of James’ return through new and renegotiated deals, which is something the team is keen to take advantage of.
"We’re in a very strong demand situation," said Cavaliers CEO Len Komoroski, who is also a board member for the city’s convention and visitor’s bureau.
"He’s a walking, talking economy," said local restaurateur Nick Kostis, who projects up to an extra $250,000 in business at his restaurant with James back in town.
"Everyone’s boat will rise," he added.
