Giannis' economic impact on Milwaukee; what research suggests
Giannis trade to Miami Heat: Economic impact of #34
Giannis being part of the Milwaukee Bucks has generated millions of dollars for the city, and left a lasting economic legacy in southeast Wisconsin. FOX6's Jason Calvi takes a closer look.
MILWAUKEE - Giannis Antetokounmpo led the Milwaukee Bucks in winning the NBA championship – and brought in lots of bucks of another sort. NBA superstars can boost business for bars and restaurants.
Business boost research
Big picture view:
A research paper published by the American Enterprise Institute found LeBron James boosted business around his home stadiums. And when he left the cities, business trended down.
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The researchers found James' presence increased the number of food and drink businesses within one mile of the stadium by about 13% and boosted employment by more than 23%. Cleveland saw the bigger boost or drop – depending on whether James was playing for them or not.
"It's very important if you own an Irish pub within walking distance of stadium, this kind of development is bad news for you. If you're somewhere else in the city, it's unlikely to matter at all," Stan Veuger, an American Enterprise Institute senior fellow, said. "Now, of course, one question is, is Giannis as important to the Bucks as Lebron was to the Cavs? I'd say Lebron probably a little more important, you know, in various ways, and so I'd expect the effect here to be more moderate than it was, more modest than it was in Cleveland."
Giannis Antetokounmpo speaks at 2021 NBA championship celebration in downtown Milwaukee
NBA Finals delivered $57M+
Local perspective:
In 2021, when Antetokounmpo and the Bucks won the championship, it meant nearly two months of extra play. Visit Milwaukee estimates the playoffs and Finals sparked an economic impact of more than $57 million. That occurred a year after the start of the COVID-19 pandemic, when those businesses needed some help.
If the story of James gives any hope – maybe Antetokounmpo will be back in Milwaukee sometime.
Complete coverage
Dig deeper:
As Milwaukee reacts to the superstar shake-up of the reported trade, FOX6 News is hearing from fans, organizations, community leaders and others about the impact Antetokounmpo – and Portis – have had on the city. Read and watch more below.
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The Source: Information in this report was gathered from a research paper published by the American Enterprise Institute, American Enterprise Institute Senior Fellow Stan Veuger and Visit Milwaukee.