Indianapolis Tourism Economy at “Crisis Level”

Indianapolis Mayor Joe Hogsett refusal to open up Indianapolis while allowing rioting and constant protesting is catching the eye of the cities big money movers. The economic results of the Hogsett social justice regime will not be pretty and he doesn’t care as he remakes Indianapolis into an unattractive destination.

The numbers were shared Friday morning, during the Capital Improvement Board’s monthly meeting. The CIB, which owns the Convention Center, Lucas Oil Stadium and Bankers Life Fieldhouse, often described as the engines that drive the downtown economy.

Because financial updates lag a month, the numbers from April were the first to represent the impact of COVID-19. Since then, even more conventions and events have been canceled, including Gen Con, the city’s largest and most lucrative convention drawing 70,000 attendees. In total, more than 115 events have canceled.

CIB board member and hotel owner Jim Dora expressed deep concerns.

“We all live off the Convention Center,” Dora said. “We need to be thinking about solutions to help our business partners, who provide tax revenues into the CIB to survive or we’ll be back to the Indianapolis of 1970… We will lose restaurants and hotels.” 

He said urgency was critical. 

“Here’s another weekend of lost revenue because of the curfew,” he said. “There is no hotel business in downtown. I think it’s at a crisis level now.”

Source: WTHR

 

Published by Hoosier Econ

Located out of Central Indiana. Blogger of economics, politics and societal trends.

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