The Denver Gazette

NBA Finals boosts downtown businesses

BY DENNIS HUSPENI The Denver Gazette

The Denver Nuggets’ history-making run to the NBA Finals has been a shot in the arm for Denver businesses, especially those that call downtown home.

The finals games alone could mean a $22 million infusion into the business community — from hotels to restaurants, according to the Metro Denver Chamber of Commerce.

That doesn’t include ticket sales — everyone has seen how much those now cost. It also doesn’t include merchandise, such as Nuggets-branded gear, which is too hard for economists to estimate.

“We typically estimate the indirect

benefit to be four times that amount, so that could be up to $100 million,” said J. J. Ament, president and CEO of the chamber.

Game 1 is tonight against the Miami Heat at Ball Arena.

“It’s the first time in 157 years a chamber member has made the NBA finals,” Ament only-half joked, noting the age of the chamber and the fact it’s the first time the Nuggets have made the NBA Finals in its history.

A quick look at the hotel numbers from the Avalanche Stanley Cup run in 2022 shows the finals’ impact. Denver set its highest average room rate and number of bookings, since before the pandemic, according to Visit Denver.

For Game 1 on June 15, 2022, there were 2,457 rooms booked for an average of $246.68 per room. For Game 2 on June 18, 2022, there were 2,425 rooms booked at an average of $244. The total number of rooms only covers the number of rooms booked by Visit Denver for conventions.

By way of comparison, on June 18, 2019, there were 6,628 rooms booked for an average of $269. The highest occupancy night in June 2022 was 4,419 rooms on June 22.

“Beyond ticket sales, major sports events are a huge economic driver for our city and a major part of Denver’s brand as a top sports destination,” Matthew Payne, executive director of the Denver Sports Commission, said in an email. “While it is difficult to project exact economic impacts for these sporting events because we cannot accurately determine local versus out of market attendance at games, we do know that our entire downtown corridor benefits from these events since they help to fill hotels, restaurants and bars, and the broadcast exposure places a national spotlight on our city.”

Just ask business owners anywhere near Ball Arena, Lower Downtown (LoDo) or the 16th Street Mall.

“We do get a decent crowd before the games,” said Ken LeFevre, bar manager at Corridor 44, a champagne-themed restaurant in Larimer Square. ” We will staff accordingly knowing that as the playoff rounds advance, we’ll get more and more people coming in. These rounds we’ll expect about a $1,000 at least a shift more business.”

LeFevre said the boost in business extends well beyond the Ball arena area.

“It’s nice. It certainly adds to the economy of downtown, being by the stadium,” he said. “I appreciate the games being there and when we get to the playoffs because it does increase revenues in a pretty big circle around the stadium. There’s a lot of great stuff right around the stadium. This time of year, it’s a beautiful walk. Get a couple drinks, save your money.”

Beyond the direct economic impact, the amount of visibility Denver and Colorado receive from finals and championship games is immeasurable, experts said.

“There’s really no good way to measure the domestic and international media attention on a region. You can’t put a value to that,” said Ament. “It’s priceless. To have the world’s attention, particularly with a European player (Nikola Jokic). ... I could spend the whole budget of the Chamber and Economic Development Corporation on global media and not get anywhere close to the benefit from having a series like this in our town.”

Ament and the Downtown Denver Partnership agree — when people come downtown for a game, it’s usually never just for the game.

“In addition to the hometown pride that these types of celebrations bring, we are fully expecting a very significant economic impact on downtown,” said Kourtny Garrett, president and CEO of the Downtown Denver Partnership. “If the Avs parade is any sort of an indicator, we saw nearly 500,000 people coming into the downtown, which means more business for our restaurants, our retailers and people are coming to also enjoy many of our entertainment venues.”

Garrett added: “You inevitably see that new people who maybe haven’t been downtown for a couple of years recognize the new businesses that have opened and they’re reminded of the places they love. So, I think there’s a natural rate of return.”

The Partnership works with the city of Denver and the Denver Police Department to make sure the central business district is prepared for the crush of people, Garrett said.

“Whenever we project we’re going to have large numbers of people in downtown, we are fully staffed with our private security, as well as maintenance and cleaning crews,” she said. “We worked really closely with City and County of Denver, with Denver Police Department, to ensure that everyone has a really safe and positive downtown experience.”

FRONT PAGE

en-us

2023-06-01T07:00:00.0000000Z

2023-06-01T07:00:00.0000000Z

https://daily.denvergazette.com/article/281724093934946

The Gazette, Colorado Springs