You may recall that Visit Raleigh, the official tourism authority for the city of Raleigh, North Carolina, revealed the estimated economic impact from LCS Spring Finals, Delivered by Grubhub to the local economy. In April, Visit Raleigh put the number at around $1.6M USD in economic impact for businesses in Raleigh.
Today Riot Games and Visit Raleigh say that number is a lot higher. The 2023 LCS Spring Finals held April 8 -9, generated $2.74M in direct economic impact for Wake County and directly supported 1,178 jobs in the process, according to statistics collected by Riot and the local tourism board.
According to that data, business services generated $46K; lodging, $464K; food & beverage, $501K; retail purchases, $532K; recreational activities, $548K; and transportation, $655K.
Visit Raleigh notes some important information on these numbers:
Economic Impact Notes: Not all visitor spending might have been prompted by this event; in some cases, an event may be taken in by visitors traveling for other purposes but attending while here.
Direct economic impact (comprised of direct spending/business sales with visitors, organizer and media/sponsors) is not the same as total economic impact (direct + indirect + induced effects); direct spending indirectly influences additional spending by local businesses (through affiliated supply chain) and induces additional spending by employees of local businesses (through generated income). Some of this total economic impact also leaks outside of the local economy, due to the purchase of goods, services and raw materials outside of the county by locals/event organizers.
The spending of Wake County residents is excluded from the calculations, as the basis of tourism economic impact is to track new money into the local economy, not the circulation of local money.
Some of this revenue was likely generated by the daily Fan Fest events outside the arena, which saw participation from local vendors including Empanada RD NC, the Bulgogi Truck, and Boba Baba, among others, as well as businesses within walking distance of the arena.
The LCS will make its next stop at the Prudential Center in Newark, New Jersey, this August for the LCS Championship.