Lolla 2023 will generate 3 times the economic activity of the Chicago NASCAR race in less time, an analysis found.
Lollapalooza generated a third of a billion dollars in economic activity in Chicago last year, three times higher than the NASCAR Fourth of July weekend street race is expected to rake in, according to a new study.
Lollapalooza, which recently signed a 10-year deal with the city, appears to be more advantageous for the city in terms of economic activity, tax revenue and fees.The music festival generated $335.4 million in direct and indirect economic revenue in Chicago last year, according to a new study by Texas-based Angelou Economics, retained by Lollapalooza's organizer, C3 Presents. The music festival also generated $4.2 million in city amusement taxes in 2022 and $41.
He said that holding events in Grant Park is a "benefit for the city, but it has to be a balancing act" between economic growth and keeping it open as a public park. Hopkins was an early critic of the NASCAR deal and blamed Mayor Lori Lightfoot for not consulting alderpersons, including himself. He said the economic study of Lolla shows how bad the NASCAR deal is.
There's also the unknown toll NASCAR street closures will have on the city's museum campus, which will be cut off from patrons during its busiest summer weekends.
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