Oakland News Now Blog – vlog by Zennie62 YouTube. OaklandNewsNowBlog.com is the original blog post for this content.
Hey Jarrett Bell, Publicly Financed Stadiums Do Help A City’s Economy – Look At The Oakland Raiders
On Twitter, my friend Jarrett Bell, long-time NFL Columnist for USA Today, tweeted this:
Good stuff, sharp analysis from @Tom_Schad on windfall going to @BuffaloBills owners, whose front office hardly resembles the diversity of the taxpayers footing the bill…
To which I responded with this observation:
Actually, the new stadiums do pay for themselves and help the public’s economy. An NFL team is worth the value of the spend required to promote that team’s city without the team. Look at Oakland’s dramatic fall from the national stage as shown by Google Trends.
What Google Trends shows is that the Raiders departure from Oakland to Las Vegas, dramatically reduced the searches for Oakland, by about 50 percent. That means Oakland does not gain the marketing benefit of having the team in Oakland, and its name attached to it. If a Super Bowl is worth $25 million in free marketing for a host city, then Oakland would have to spend at least $25 million annually to make up for the loss of the Raiders. The Google Trends graph shows that Oakland’s visibility on the world’s stage has been harmed by the loss of the Raiders.
In their study called “Contribution of TV Dramas and Movies in Strengthening Sustainable Tourism”, Yidi Hua, Chompunuch Jittithavorn, Timothy J. Lee, and Xiaohua Chen found that “The consumption of television and film is widely recognized to have a strong and impressive power and influence on tourism destination image. ” Source: https://www.mdpi.com/2071-1050/13/22/12804/htm
From this, we can determine, as I have said, that Oakland’s economy, and more specifically its tourism economy, has been negatively and dramatically impacted by the move of the Raiders to Las Vegas.
Oakland would have to spend at least $25 million per year to recover from the loss. And that’s just the impact of hosting a Super Bowl Game. Having an NFL Team and its 17 games is much greater. But for the basis of discussion, let’s say that the per-game value is 50 percent that of a Super Bowl game, or $12.5 million. 17 games Times $12.5 million is $212.5 million. So, it would take Oakland spending $212.5 million each year to recover from the loss of the Raiders. Over a 30 year period, that comes to $6.375 billion. If a stadium is $2 billion, then it’s clear it would more than pay for itself.
The problem is NFL media has a tendency to reach out to standard economists, who do not understand cities and their place in society. So, they never consider the NFL’s impact on a city from what it is: a television entertainment product. Not surprisingly, the perspective I shared, and as a trained urban economist, is different from their take, but more appropriate to the discussion.
Stay tuned.
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