They're remembering the King of Pop today in Los Angeles, at the Staples Center. Organizers gave out 17,500 free tickets for Michael Jackson's memorial service, but the city expects as many as a million extra visitors this week.
Economists debate the impacts of giant events, from Super Bowls to celebrity passings. In this case, the Los Angeles County Economic Development Corporation says the local tourism industry could get a $4 million boost. The group's chief economist, Jack Kyser, tells the LA Times:
"It's definitely going to help downtown hotels who now have an average of 56% occupancy. This is going to be good news for them."
In the short run, it's perhaps less welcome news for the public coffers. LA Citycouncilwoman Jan Perry has said she'd like to see the Jackson family help cover the cost to the city, which could include as much as $1 million in police overtime. The city's wrestling with a $530 million budget gap.
categories: News
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