Levi’s Stadium generated greater than $2 billion within the native economic system since 2014 opening – Silicon Valley

SANTA CLARA — As Levi’s Stadium enters its10th season, a brand new report launched Monday from the San Francisco 49ers says the venue has generated greater than $2 billion to the native economic system in Santa Clara County because it opened.

Town-owned stadium, which is managed by the NFL workforce, attracted greater than 8.7 million attendees for about 155 main occasions and almost 1,000 particular or company occasions from July 2014 by way of July 2023.

“We’ve got at all times seen Levi’s Stadium as a strong financial engine for this group and the area, and we’re proud this report reveals that over almost a decade we have now lived as much as that potential and promise,” 49ers President Al Guido stated in a information launch Monday morning.

The 81-page report, which was compiled by advertising and marketing and analysis agency SportsEconomic, LLC, stated $350 million went to the town of Santa Clara and the Stadium Authority by way of resort and gross sales taxes, ticket surcharges, metropolis parking charges and stadium lease.

In a information launch asserting the report, the 49ers stated this previous fiscal yr was some of the profitable in stadium historical past. Between April 2022 and March 2023, the workforce stated the stadium generated $251 million in financial influence by way of 12 NFL video games and 7 live shows together with Coldplay, Elton John and The Weeknd. Nevertheless, at a Santa Clara Metropolis Council assembly final month, metropolis officers stated that whereas the stadium raked in $8.8 million in income for non-NFL occasions final yr, no cash from that tranche will go to the final fund due to litigation prices related to the 49ers.

This summer season, Levi’s Stadium noticed a few of the largest musical acts on the earth make a cease in Santa Clara, together with Taylor Swift, Beyonce and Ed Sheeran, who smashed the attendance report by drawing in roughly 80,000 followers for his Arithmetic Tour.

The report analyzed 19 main occasions held at Levi’s Stadium from Dec. 9, 2018 by way of July 2023. The 2019 Faculty Soccer Playoff Nationwide Championship sport between the Clemson Tigers and the Alabama Crimson Tide on Jan. 7, 2019 was the stadium’s largest income producing occasion of the 19  — bringing in $90.2 million in financial influence to the native economic system with $64.1 million of that in direct spending. Researchers outlined direct spending as {dollars} spent within the area referring to the occasion that may have been spent elsewhere. That features lodging, rental vehicles, meals and purchasing.

Of the six live shows included within the report, Swift’s Eras Tour on July 28-29, 2023 was the most important native cash maker with a $33.5 million financial influence, together with $23.2 million in direct spending.

The report used surveys and knowledge gathering throughout occasions, in addition to earlier public analysis and authorities knowledge to compile the data.

“The financial influence report reveals that Levi’s Stadium has been extraordinarily profitable in driving native financial influence within the surrounding group, far eclipsing the funding wanted to construct the stadium and function it,” SportsEconomics, LLC President Dan Rascher stated within the launch. “Our examine reveals that occasions and operations of the stadium equate to over 1,000 native full time equal jobs annually, over 1 million spectators per yr and hundreds of thousands of {dollars} in revenues to varied public entities, all of which wouldn’t occur with out the presence of the stadium.”

Within the launch, the 49ers additionally stated that the Stadium Authority has paid off the vast majority of building associated money owed greater than 15 years forward of schedule, saving the governing physique that’s made up of Santa Clara officers and councilmembers roughly $100 million in curiosity prices.

Over the past fiscal yr, Santa Clara paid off about $35 million of its debt on the stadium, leaving $245.2 million remaining. The stadium hit its debt peak in March 2014 at $653.4 million.

In an announcement, Santa Clara Councilmember Karen Hardy referred to as the stadium an “integral a part of the Santa Clara Group — as an employer, a tax and income driver for the town and as a dynamic cultural attraction.”

“We’ve got labored exhausting to make sure that Santa Clarans are benefiting from the Stadium, and this report is an encouraging signal that for the previous decade we’ve been capable of accomplish that,” she stated.

Within the coming years, Levi’s Stadium is anticipated to host a number of extra giant scale occasions together with the 2026 FIFA World Cup and Tremendous Bowl LX. In 2016, the stadium hosted Tremendous Bowl 50, which had an financial influence on the area of $240 million, based on the Tremendous Bowl 50 Host Committee.