SOURCE: Insomniac

Insomniac

October 24, 2013 16:15 ET

Inaugural Electric Daisy Carnival Chicago Generates More Than $26 Million for Local Economy

LOS ANGELES, CA--(Marketwired - Oct 24, 2013) - An estimated $26.1 million poured into the Chicago area economy as a result of the inaugural Electric Daisy Carnival (EDC), Chicago according to data released today in an economic impact analysis by Beacon Economics, LLC. The event was held over Memorial Day weekend 2013 at the Chicagoland Speedway in Joliet, Ill.

"When we produce an event we want it to be a positive and memorable experience for the fans while also benefitting the communities that host our events," said Pasquale Rotella, founder and CEO of Insomniac. "To learn that our festival helped generate more than $26 million for the local Joliet economy is really gratifying."

The report, commissioned by Insomniac, determined festival attendees who were visiting from outside the Chicago area were responsible for generating $10.7 million for the local economy, while locals were responsible for $4.3 million in spending and Insomniac was responsible for contributing $11.1 million. Attendee spending benefitted multiple industries including $5.4 million spent on food and beverage, $1.4 million on accommodations, $1.3 million on transportation, $1.1 million in retail and $1 million in additional entertainment.

In total, the Memorial Day weekend celebration resulted in $26.1 million generated for the local economy including 279 full-time equivalent jobs and $10.9 million in income for labor workers in the Chicago area.

State and local governments also reaped $1.6 million in taxes as a result of the festival. Tax revenue generated from EDC Chicago is equivalent to roughly 21 full-time teacher positions at Chicago Public Schools or 20 full-time police officer positions in the City of Chicago.

EDC Chicago's inaugural event welcomed 65,000 fans over the course of three days with more than 48% traveling from outside the Chicago area to attend the festival. The study found 68.1% of attendees headed to the event for the entire course of the weekend. More than 72% of participants surveyed said they plan on returning to the Electric Daisy Carnival in 2014, and 83.1% said they are highly likely to recommend EDC Chicago 2014 to others.

Editor's Note:
Please visit http://insomniac.com/press/EDC_Chicago_Report_Update.pdf to view the entire report.

About Insomniac
Insomniac produces innovative music festivals and events featuring immersive multisensory environments enhanced by state-of-the-art lighting and sound design, large-scale art installations, interactive circus and theatrical performances, boundary-pushing special effects and pyrotechnics, and fan participation. The quality of our fans' experience is the company's top priority. Insomniac's premier annual event, Electric Daisy Carnival, is one of the largest, most spectacular music festivals in the world. Insomniac has produced more than 250 music events and for more than 3 million attendees in California, Nevada, Colorado, Washington, Texas, Florida, New York, Puerto Rico and the United Kingdom. Founded by Pasquale Rotella, Insomniac has been based in Los Angeles since it started in 1993.

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About Beacon Economics
Beacon Economics, LLC is an independent economic research and consulting firm with offices in Los Angeles and the San Francisco Bay Area. We deliver economic analysis and data sites that help clients make informed, strategic decisions about investment, growth, revenue, policy, and other critical economic and financial issues. Our nationally recognized forecasters were among the first to predict the collapse of the housing market and foretell the onset and depth of the economic downturn that followed. Our core areas of expertise include economic and revenue forecasting, market and industry analysis, economic impact studies, economic policy analysis, and international trade analysis.

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