NBA finals: $25 million economic impact on host cities
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NBA finals: $25 million economic impact on host cities
NBA finals: $25 million economic impact on host cities
Denver and Miami are expected to generate $25 million in revenue from the 2023 NBA finals, according to the Greater Miami Convention & Visitors Bureau. Daniel Kodsi, Royal Palm Companies CEO, joins Yahoo Finance Live to discuss the economic impact of the NBA games in Miami, as well as the city's real estate market.
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Denver and Miami are expected to generate $25 million in revenue from the 2023 NBA finals, according to the Greater Miami Convention & Visitors Bureau. Daniel Kodsi, Royal Palm Companies CEO, joins Yahoo Finance Live to discuss the economic impact of the NBA games in Miami, as well as the city's real estate market.
Video Transcript
RACHELLE AKUFFO: Well, the Denver Nuggets took down the Miami Heat in game 3 of the NBA Finals. The Nuggets now leading the series 2 to 1 by earning a spot in the NBA Finals. The pro basketball teams are forecasted to generate at least $25 million in revenue in direct sales for entertainment, travel, and lodging according to the Greater Miami Convention & Visitors Bureau.
Well, let's break down the economic impact behind the NBA Finals with Daniel Kodsi, Royal Palm Companies real estate development firm CEO. Good to see you, Daniel. So talk about your role in this. When you--
DANIEL KODSI: Hi, good to see you too, Rachelle. Thanks for having me.
RACHELLE AKUFFO: Of course. When you look at this, sort of, welcome to Miami with the backdrop of the NBA Finals, what does this mean for your company?
DANIEL KODSI: So we're in the real estate. I'm a real estate developer, and so we develop right by the arena. And, of course, having sports is great. Miami Heat-- I was at the game last night. It was a tough loss, tough game. But look, eighth seed Miami plays the next-- plays Boston, now Denver, so, you know, it creates a lot of excitement around Miami. People travel from these different cities, they come to Miami.
And so it impacts us to the extent that we're actually developing projects. I developed a project called the Paramount Miami World Center. This is a project which is part of Miami World Center. This is adjacent to the arena. This is 27 acres.
It's a major urban development, second largest actually in the country. And this is where we have hospitality, retail, five blocks of retail, of course, residential buildings, commercial transportation, the Brightline station. The airport's 10 minutes away, South Beach, largest cruise terminal in the world.
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