BMO Financial Group

BMO Financial Group

January 30, 2012 12:02 ET

Super Bowl Expected to Boost Indianapolis Economy by $150 Million-BMO

INDIANAPOLIS, INDIANA and CHICAGO, ILLINOIS--(Marketwire - Jan. 30, 2012) - Indianapolis is bracing for an economic boom as the city prepares to host the Super Bowl, considered the world's biggest one-day sporting event. Jack Ablin, Chief Investment Officer, Harris Private Bank, estimates the local economy will see a boost of $150 million.

With 42 branches, BMO Harris Bank is the fourth largest bank in Indianapolis and the surrounding area.

The city has spent millions preparing to welcome about 150,000 tourists, from hardcore football fans to casual revelers. The city recently hosted the NCAA Final Four and every year plays host to the Indianapolis 500, generally viewed as the world's largest tailgate party.

"Using previous Super Bowls as a guide, Indianapolis should enjoy a $150 million economic boost as a result of the four-day weekend," said Ablin. "City officials expect more than 100 corporate-sponsored private parties touting everything from liquor, magazines and other consumer brands. The residual effect could be even greater. The majority of big-game attendees are business decision-makers who have the potential to add to the city's economy for years to come."

Ablin noted that Dallas, home of last year's Super Bowl, netted a $200 million-plus windfall in the midst of a terrible ice storm. Hotel room rates in Dallas during February 2011 increased above the monthly average range. Ablin expects the "economic halo effect" of the Super Bowl will play out in Indianapolis.

As for the outcome of the big game, "As far as my prediction for the outcome of the game, I have too many friends and family in New York and New England to go on the record," said Ablin.

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