From Matt Luce on Flickr.
UFC Vice President Marc Ratner will speak today in New York City when a mix of state legislators, regulators and promoters convene for a scheduled public hearing that will discuss the pros and cons of legalizing the sport of mixed martial arts in the state of New York:
The open-to-the-public session, spearheaded by New York Assemblyman Steven Englebright, will also be attended by members of the State Assembly’s Tourism, Arts, and Sports Development Committee, which voted down a bill last June to amend current legislation that bans the sport in the Empire State.
Marc Ratner, vice president of regulatory affairs for the UFC, will be among the keynote speakers on Wednesday. Ratner, who served as executive director for Nevada State Athletic Commission for 14 years and was brought onboard to work exclusively on achieving regulation in the holdout states, will present the findings of an economic impact study solicited by the UFC to the tourism committee.
Excerpts of the aforementioned study, which was released by the UFC to the media yesterday, are after the jump. The entire document can be downloaded here.
New York City:
* The study found that a UFC event in New York City would generate $11.5 million in ‘net new’ economic activity: $5.3 million in direct event spending, $1.4 million in non-lodging visitor spending, and $4.9 million in indirect/induced benefits.
* The study also found that significant demand exists within the local New York City area for UFC events. Of the 134 UFC events held nationwide from November 1993 to January 2009, only 12 have been within New York regional area.
* UFC events would produce substantial employee compensation: UFC events require over 300 staff working on the event, equivalent to the creation of 88 full-time local jobs per event.
* The creation of over 88 local jobs injects $4.2 million dollars in compensation to the local economy.
Local and State Taxes
* There will be direct revenue benefits for both local and state governments worth almost $1.0 M of total fiscal impacts to New York City and New York State.
* Each event would generate $400,000 in tax revenue for New York City and $555,000 in tax revenue for New York State (from sales tax, hotel occupancy tax, personal income tax, business income tax, boxing/exhibitions tax, auto rental tax)
Other Local Impacts:
* UFC events would result in an additional 1,850 hotel night stays in New York City.
* UFC events would also create additional tourism and media exposure.