24 October 2017
World Series Economics
As we get ready to kick off the upcoming World Series, we see a lot of economic factors at play. This year, with the Houston Astros and LA Dodgers in the final games, these two host cities will see an immediate rise in hotel prices when the games travel to each place. According to VisitKC.com, “During the 2014 World Series, every home playoff game brought around $5 million to Kansas City.” This is the number for each individual home game, which takes into account tickets for the game, cost of staying in a hotel, food, etc. When the World Series took itself to Cleveland, hotels that are located downtown skyrocketed the price of their rooms to $600 and up during this week.
Another economic factor that plays a role in the World Series is the continuing, ever growing price of tickets for admission into the games. Last year, tickets for the World Series, eventually won by the Cubs, had an average list price dipping slightly above $5000, gave a large economic surplus to the cities that participated. According to Times.com last year's championship game not only had the largest revenue of World Series games, but “they’re the most expensive Game 7 tickets in all sports history” (“Tonight’s”). Putting that into perspective, the closest runner up was the Cavs versus the Warriors in their championship basketball game.
Hotels and tickets are not the only things that benefit the economy for the cities involved in the World Series; small businesses and bars within a close vicinity to the stadium are benefitting on allowing people inside to watch the game on tv. Last year in Chicago, some establishments had a range of cover charges that were anywhere from $100-$1000 just to get inside; not including any food or drink. Getting in on the action, some parking garages were charging upwards of a hundred dollars just for a parking spot close to the stadium.
Overall, events such as the World Series bring in millions of dollars for the cities participating. Hotels, ticket sellers and businesses surrounding the park all have a surplus in sales this week. These sporting events only bring a positive impact to the city’s economies, but a negative impact on the fans’ wallets.
Roddy, Tom. “Why the 2017 World Series Will Be Record-Breaking before a Game Is Even Played.” Newsweek, 24 Oct. 2017, www.newsweek.com/world-series-2017-la-dodgers-houston-astros-691471.
Scipioni, Jade. “Being a World Series Host Doesn't Bring as Much Cash as You Think.” Fox Business, Fox Business, 20 Oct. 2017, www.foxbusiness.com/features/2017/10/20/being-world-series-host-doesn-t-bring-as-much-cash-as-think.html.
“World Series Tickets: Record High Game 7 Cubs-Indians Prices | Money.” Time, Time, time.com/money/4554794/world-series-game-7-cubs-indians-ticket-prices/.
“World Series: Four Facts That Make the Astros-Dodgers Clash Historic.” USA Today, Gannett Satellite Information Network, 23 Oct. 2017, www.usatoday.com/story/sports/mlb/2017/10/22/world-series-four-facts-make-astros-dodgers-clash-historic/788248001/.“World Series: Houston Astros at Los Angeles Dodgers (Game 1 - Home Game 1).” Vivid Seats, www.vividseats.com/mlb-baseball/world-series-tickets.html.