Men's College Basketball tournament nearly doubles projected economic impact
Albany County Executive Daniel P. McCoy today announced the major economic impact from the NCAA Men’s Basketball Tournament first and second rounds hosted at the MVP Arena on March 17 and March 19. Newly updated estimates following the first weekend of March Madness and the Fan Fest now come in at $6.7 million in direct business sales, nearly doubling the originally projected $3.5 million expected ahead of the games.
Joining the County Executive McCoy in making the announcement are Discover Albany President & CEO Jill Delaney, Downtown Albany BID Executive Director Georgette Steffens, MVP Arena General Manager Bob Belber, and local business owner Keith Mahler of Maurice's Deli. The exciting news comes ahead of the Final Four kicking off Saturday, April 1. There, two teams that played at the county-owned facility in Downtown Albany in the first and second rounds will battle for a chance to play in the championship game – No. 4 seed Connecticut Huskies and No. 5 seed Miami Hurricanes.
“There are plenty of people who made brackets with UConn and Miami making it to the Final Four, but who could have predicted this outstanding level of economic impact the first and second rounds would have had on our local businesses?” asked Albany County Executive McCoy. “And while only one team will cut down the nets at the end of the Big Dance, Albany County as a whole is a winner after waiting two decades since the last time we hosted the men’s basketball tournament. That couldn’t be more obvious after nearly 42,000 fans came to watch these games at the county arena, which ultimately led to an estimated $6.7 million in direct business sales, excluding indirect business experienced by our hotels, restaurants, bars and others.”
“Based on the geography of the teams assigned to Albany, and the schedule of late night Sunday games, which increased length of stay, we project a higher event impact than the previous conservative estimate. Initially we said $3.5 million of direct visitor spend, but we feel that the number is likely more in the realm of $6.7 million dollars. All in all, it was a weekend filled with great energy here in Albany, and we’re looking forward to hosting the Women’s Regional in 2024,” said Discover Albany President & CEO Jill Delaney.
"It comes as no surprise that Albany far exceeded the estimated visitor spend. For Downtown businesses, the Men's College Basketball weekend represents what March 2020 could have been, and for years our businesses have awaited the opportunity to greet teams and fans, and introduce them to what makes Albany's Central Social District a destination. Success that is nearly double what was anticipated is no accident, and is a direct result of an incredible team effort by the County, MVP Arena, BID, Discover Albany, and the business owners and staff who tirelessly worked to welcome thousands of visitors. Congratulations to all for the hard work that paid off so exponentially, and we look forward to welcoming Women's College Basketball next year,” said Downtown Albany BID Executive Director Georgette Steffens.
“It was an honor to host the NCAA Division I Men’s Basketball First and Second Rounds. Events of this caliber put the spotlight on MVP Arena and the Capital Region. We were able to showcase all the tremendous improvements that have taken place in the arena since the last time we hosted the NCAA Men’s Basketball Regional Championship in 2003. The new scoreboard and ribbon board were front and center during all the games, and our brand new locker rooms were highlighted on back of house footage, “ said Bob Belber, MVP Arena General Manager. “Opening our doors to not only local fans, but the fans supporting their schools from out of town gave us a chance to welcome fans to our beautiful new atrium, as well as upgraded concessions! The NCAA was thrilled with our upgrades, our staff and our local coordination. We are looking forward to the next bid cycle.”
"The NCAA Men's College Basketball tournament was a resounding success for Downtown businesses. On Friday alone we more than doubled our typical business, all while staff focused on ensuring each guest experienced great customer service and quality food that was served quickly. Basketball fans from as far away as Florida received the same treatment as our everyday customers, all in the name of bolstering their overall positive experience in our capital city. We've long been known among locals for our roast beef sandwiches, and it was an honor to serve visitors a taste of the food and hospitality that can be found here year-round,” said Maurice's Deli owner Keith Mahler.
