- The Super Bowl will cost Miami around $20 million.
- The taxes from restaurants and hotels will bring an economic boom to Miami.
- Florida is missing out on more tax opportunities by not having sports betting legalized.
MIAMI – Super Bowl 54 happens on February 2 and Miami is spending millions for the potential economic gain the game will bring.
In total, the Greater Miami area will spend around $20 million to host Super Bowl 54. The money spent will go into a large number of different factors. The Super Bowl is going to be hosted at the Hard Rock Stadium at Miami Gardens. To make sure the Super Bowl is a success, there are a number of investments that need to be made.
Police and firefighters are going to be paid extra that weekend to make sure that the peace is kept. Code inspectors, solid waste workers, and public works employees will also receive more pay that weekend. Municipal fee waivers and security fees will also drive up the cost of the Super Bowl.
It is not just paying workers that adding to the cost of the Super Bowl. The waterfront area of Miami will also receive permanent LED lighting to host a Super Bowl party. There are also many different fees the city needs to pay to make the Super Bowl happen. But the city of Miami is willing to spend the money to make it happen.
“Supporting the Super Bowl is a great investment for the city of Miami,” said Emilio Gonzalez, Miami city manager. “We’re going to get a huge economic impact.”
The city of Miami brings in a lot of tourists throughout the year. Due to the fact that the Super Bowl is coming to the city, even more, tourists are expected to come. The tourists will be spending their money on local hotels and restaurants.
Due to the increased number of tourists, the taxes collected from hotels and restaurants will be much larger than normal. The tax money collected from these industries will help fuel the local economy and make spending millions on the Super Bowl worth it.
However, there is a missed opportunity for the city and the state of this upcoming Super Bowl. There is still no Florida sports betting available yet.
Revenue reports have consistently shown how much sports betting can help fuel the economy for a state. When the state is better funded, the economy for local cities becomes better as well. The Super Bowl is the most wagered on game in the entire year. Because nobody in Miami can wager on the Super Bowl, the state is potentially missing millions in revenue taxes.
But that could change in the future. There are three bills on the docket that could legalize sports betting. But sportsbooks will likely not be able to open in Florida until 2021.
Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.