LeBron James' Economic Impact on Northeast Ohio
Some estimates put James’ financial impact at around $500 million.
But in a recent piece in the New York Times Magazine, Massachusetts economist Victor Matheson calls that figure “the worst economic-impact estimate ever.”
The concern is that instead of spreading money across suburban hometowns, residents will put their dollars towards city centric things, like game tickets or a dinner in Cleveland.
But Cavaliers' CEO Len Komoroski stresses more money spent downtown is actually the best move for Northeast Ohio as a whole.
"Having a vibrant, healthy downtown core is paramount to having a healthy region," Komoroski said. "If the core isn't healthy, then the rest of the region ultimately does falter, and I think we've seen the challenges our region has had in the past when our downtown wasn't doing as well."
And the Cavs hope shots of Cleveland on national TV could entice tourists to come--and spend.