Contact: Colleen Roche/Curt Ritter (212) 788-2958
Bernadette O'Leary (212) 312-3523 (EDC)
Mayor Rudolph W. Giuliani announced today that the 94th annual New Year's Eve celebration in Times Square will generate approximately $60.6 million in economic activity for New York City.
It is estimated that the New Year's Eve celebration will generate $35.4 million in direct economic activity from food, transportation and retail spending by the evening's expected 300,000 out-of-town visitors. Visitor spending is expected to generate an additional $25.2 million in indirect activity through the "ripple effect" associated with those expenditures. The event will also produce about $3.1 million in City tax revenues.
"New York City is the best place to ring in 1999 - the last year of the century," Mayor Giuliani said. "Times Square has played host to New Year's revelers from around the world for 94 years. And as we head toward the end of the millennium, the tremendous economic activity generated in Times Square is symbolic of the revitalization currently taking place in the City's five boroughs. This annual event allows millions of people around the world to see what The Capital of the World has to offer as they watch the ball drop on television and Internet broadcasts."
This year's celebration will include the traditional ball drop -- six feet in diameter, weighing 500 pounds, adorned with 12,000 silver rhinestones, 180 halogen lamps, and 144 xenon glitter strobes. In addition, two tons of confetti, 10,000 pom-poms and 30,000 balloons will fall on the crowds in Times Square. New features this year include three giant Panasonic video screens and pyrotechnic effects on top of One Times Square and surrounding buildings.
Based on previous experience, the New Year's Eve festivities in Times Square are expected to attract more than 300 million potential television viewers worldwide and are expected to generate approximately $4 million in free publicity through live television broadcasts.
The transformation of Times Square has attracted companies such as Disney, Conde Nast Publications, Reuters, as well as and the London-based Madame Tussaud's Wax Museum. Plans for a hotel and retail complex will also be constructed by Tishman Urban Development Corporation on 42nd Street.