BMO Financial Group

BMO Financial Group

February 03, 2012 12:12 ET

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

Canadians will see familiar "BMO" on the Indianapolis Skyline

INDIANAPOLIS, INDIANA--(Marketwire - Feb. 3, 2012) -

Editors Note: There are two photos associated with this release.

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.

The city has spent millions preparing to welcome about 150,000 tourists. 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 Jack Ablin, Chief Investment Officer, Harris Private Bank. "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.

Many investors and football fans will be tuning in to the Super Bowl, hoping the "Super Bowl Indicator" holds true, added Ablin.

The Super Bowl Indicator, a calculation for the stock market based on the winning team, has been viewed as a way to predict a bear or bull market. The formula: when the team representing the National Football Conference (NFC) wins the Super Bowl, the market goes up. When an American Football Conference (AFC) franchise wins, the market goes down.

The S&P 500 Index has pegged the Super Bowl indicator as being correct just under 80 per cent of the time. For the record, the New York Giants are the NFC team in this year's championship match up. So…Go Giants?

"Indianapolis is rolling out the red carpet with a wide selection of restaurants, entertainment, and family activities all wrapped up in our own brand of Midwestern hospitality. We're especially happy to have our Canadian friends visiting us to experience the fun and excitement that surrounds NFL football," said Tim Massey, Indiana Regional President, BMO Harris Bank. "Whether you are at the game or watching on TV, Canadians will be able to recognize the familiar BMO atop our main branch in downtown Indianapolis. With 49 branches, BMO Harris Bank is the fourth largest bank in Indianapolis and the surrounding area."

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