Published on : Thursday, April 30, 2020
According to Louisville Tourism officials, some of the music festivals are going silent will hurt too. The Forecastle Festival, Hometown Rising, Bourbon & Beyond and Louder Than life bring in a combined $22 million.
Stacey Yates, vice president of marketing and communications for Louisville Tourism said that the deadly coronavirus has temporarily shattered the tourism economy.
Louisville Metro Councilwoman Paula McCraney has felt this global deadly pandemic will the economy and will push to find some alternative method to generate revenue. She also said that she is doing a plan to fill a $65 million hole in the city budget due to lost tax revenue.
Louisville tourism losses will certainly add to that major shortfall, and the current projections don’t yet include Kentucky Derby weekend or Thunder Over Louisville, which are both postponed for now. Those two events generate a projected $416 million according to Stacey Yates. Even if they happen, analysts will expect far less than that. If they don’t happen at all, the hit would be monumental.
Stacey Yates also said that the tourism staff has been able to reschedule 53 events totaling $64 million, but they’re rescheduled far down the road.
The long-term effects hit tourism and event related jobs in places like restaurants, bars and hotels, meaning many furloughed and laid off workers may not return. At last check, more than 500,000 people in Kentucky have filed for unemployment. Despite troubles processing claims, the state has paid out about $1 billion. McCarney is seeing a economic and social fallout from the virus on all ends, but she hopes that like she has, the city will heal.
Tags: Louisville, usa