Curt Ritter 212-788-2971
Bernadette O'Leary 212-312-3523 (EDC)
TIMES SQUARE NEW YEAR'S EVE CELEBRATION GENERATES $57.7 MILLION IN ECONOMIC ACTIVITY FOR NEW YORK CITY
Mayor Rudolph W. Giuliani announced today that the New Year's Eve festivities in The New Times Square will generate approximately $57.7 million in economic activity for New York City.
It is estimated that the New Year's Eve festivities will generate $33.8 million in direct economic activity from food, transportation and retail spending by the evening's expected 300,000 out-of-town visitors. This year, the Times Square Business Improvement District (BID), the producers of the event, estimates that a total of 500,000 people will gather for the evening's events. The visitors' direct spending is expected to generate an additional $23.9 million in indirect activity through the "ripple effect" associated with those expenditures. The event will also produce about $2.9 million in City tax revenues.
"What better place to ring in the New Year than the New Times Square -- the Crossroads of the World," said Mayor Giuliani. "We're always pleased to welcome visitors to New York City, especially for this unforgettable night. The economic boost -- $57.7 million -- generated by this night will be great for the City's many restaurants, hotels, transportation services, and retail stores. In addition, the television coverage of this world-class event will give the City approximately $4 million in free promotion and air time on national television and cable networks."
Two new attractions for the 1997-98 celebration are a pyrotechnics display on the top of One Times Square and a large video screen at Broadway and 50th Street, which will provide even more people a close-up of the Times Square activities. Based on previous ratings, the New Year's festivities in Times Square are expected to attract more than 300 million potential television viewers worldwide.
"With the drastic drop in crime and tremendous turn-around in the New Times Square, its no wonder 500,000 people are expected to come here for New Year's Eve," said Charles Millard, President of the New York City Economic Development Corporation. "Under Mayor Giuliani's leadership, this neighborhood has become the entertainment capital for families around the world. New Yorkers and tourists are coming to the New Times Square because they know they will have nothing short of a spectacular time--on New Year's Eve, and well into 1998 and the next millennium."
Gretchen Dykstra, President of the Times Square Business Improvement District said, "We are thrilled that an estimated 35 percent of the revelers who will watch the lowering of the ball in Times Square this year have celebrated New Year's Eve at the Crossroads of the World in previous years. We hope that the hundreds of millions of people in the countries throughout the world who are expected to watch the festivities tonight will come to visit the safer, cleaner and friendlier Times Square to experience the excitement and hospitality for themselves."
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.
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