NCAA Tournament games could cost Orlando millions
When the Amway Center hosts NCAA Men's Basketball Tournament games in 2014, researchers suggest the city and its taxpayers could lose millions.
According to research from the College of the Holy Cross, the city hosting tournament games had an average "reduction of real income" of $44.28 million.
Professors Victor Matheson and Robert Baade looked at figures from host cities between 1970 and 1999.
Matheson and Baade said many cities tout economic boosts ranging from $25 million to $100 million. However, their research showed from 1970 to 1999, 17 cities lost money as a result of hosting tournament games while 15 cities gained money.
The Amway Center will host second and third round games in the NCAA Men's Basketball Tournament from March 20-22, 2014.
When the Amway Center was chosen as the host site, Orlando mayor Buddy Dyer discussed the impact the games could have for Orlando.
"These events are not only exciting opportunities for our residents, but will draw thousands of people from across the country benefiting our local economy."
Amway Center leaders also claimed "March Madness" would "generate millions in economic impact" for Central Florida.