GREATER PALM SPRINGS, CA (June 26, 2024) – Visit Greater Palm Springs today announced the substantial economic impact of Acrisure Arena, as detailed in a new Economic Impact Report conducted by Tourism Economics.
The report reveals that Acrisure Arena, Greater Palm Springs' newest live entertainment venue, significantly bolstered the local economy in 2023, injecting $168.5 million and supporting nearly 2,000 jobs. Compared to the previous 2021 Tourism Economics study, Acrisure Arena surpassed its 2023 projections in multiple key areas including annual direct spending, job creation, labor income, event attendance, the number of out-of-area event attendees, total business sales, and contributions to state and local taxes.Â
"We are thrilled to see the remarkable economic contributions that Acrisure Arena has brought to Greater Palm Springs in such a short time," said Scott White, President & CEO of Visit Greater Palm Springs.
"The arena has not only become a beacon for world-class entertainment but also a catalyst for economic growth and job creation in our region. The success of our hometown hockey team, the Coachella Valley Firebirds, has been a significant part of this achievement, drawing fans and fostering community spirit. We look forward to continuing this momentum and welcoming even more visitors to experience the vibrant culture and unmatched hospitality of Greater Palm Springs."Â
Tim Leiweke, chairman and CEO of Oak View Group also shared his enthusiasm: “We are immensely proud of the transformative impact Acrisure Arena has had on the Coachella Valley,” said Leiweke. “Acrisure Arena has proven to be a premier destination for world-class entertainment and a powerful economic engine driving growth and creating opportunities for local businesses and residents. The $168.5 million boost to the economy and the nearly 2,000 jobs supported in 2023 are testaments to our commitment to the community. Acrisure Arena's success underscores the vital role that live entertainment venues play in fostering economic vitality and community engagement.”Â
John Page, Senior Vice President of Acrisure Arena and Coachella Valley Firebirds, echoed the sentiment: "Acrisure Arena stands as more than just a venue; it's a vibrant hub of community spirit and economic vitality. By offering world-class entertainment and sporting events, we not only enrich the cultural landscape of the Coachella Valley but also fuel economic growth, foster job creation, and bolster local businesses. We're deeply proud of the role Acrisure Arena plays in driving prosperity and engagement throughout Greater Palm Springs."Â In 2023, Acrisure Arena hosted 850,400 attendees across 117 events, significantly boosting economic activity that benefited local businesses, households, and government finances. The report details visitor spending and its broad economic impacts, including business sales, employment, household income, and fiscal effects.Â
Key Findings from the Report:
- Total Visitor Spending: $120.6 million, exceeding the initial estimate of $108.2 million from a prior study conducted in 2021.
- Attendance: 850,400 attendees across 117 events, with an average of 7,268 attendees per event, exceeding the 2021 estimate of an average of 6,000 attendees per event.
- Non-Local Attendees: 443,700 visitors from outside Greater Palm Springs, contributing significantly to local spending on lodging, retail, food and beverage, and entertainment. 2021 projections for the first full year operation in 2023 projected out-of-area visitors to account for 40% of event attendees.
Direct Spending Impacts:
- Lodging: $36.7 million in expenditures
- Retail Purchases: $29.3 million
- Food and Beverage: $28.5 million
- Entertainment/Recreation: $17.0 million
- Local Transportation: $9.1 million
* Acrisure Arena exceeded the projections from a prior study conducted in 2021, surpassing the projected annual direct spending total of $108 million in its first full year of operation in 2023Â Economic Impacts:
- Business Sales: Acrisure Arena generated $168.5 million in total business sales, exceeding the 2021 projection of $141 million annually.
- Employment: 1,983 total part-time and full-time jobs supported, with 1,469 directly tied to visitor spending. 2021 projections estimated nearly 1,600 jobs each year, including full-time and part-time.
- Labor Income: $49.8 million in total labor income, exceeding the 2021 projection of $42 million total in additional income earned by local workers, with $35.2 million in direct personal income.
Fiscal Impacts:
- State and Local Taxes: $24.4 million in revenue, with the state collecting $11.9 million and local governments collecting $12.5 million, exceeding the 2021 projection of 11.0 million total.
The Economic Impact Report used robust methodology, drawing on multiple data sources and an IMPLAN Input-Output model tailored to the Riverside County economy. The analysis highlights the flow of visitor spending and its extensive economic implications. To view the entire report, click here
