With buzz surrounding last week’s 2015 home opener for the Baltimore Orioles at Camden Yards, economics professor Dennis Coates was in the news discussing what the recent success of the team means for business.
In a Baltimore Sun article, Coates shared that if the team weren’t doing so well, money spent in and around Camden Yards would simply be spent in other areas of the city. “All we’ve really seen is a shift from one set of entertainment activities to another,” Coates said. “That’s not creating any big boost to the economy; it’s just moving around.”
Coates added that out of town visitors are what bring new tourism dollars to Baltimore and the team isn’t necessarily a draw to visitors. “The bottom line is it’s good for the Orioles, but it doesn’t do anything significant for the rest of the Baltimore economy,” he said.
In another Baltimore Sun article, Coates discussed the Hilton Baltimore convention center hotel losing $5.6 million last year despite the success of the nearby Orioles. “I don’t have a crystal ball to say whether it will always be a money-loser,” said Coates. “But it’s not a good sign if they can’t do well when the Orioles are doing well.”
To read all recent news coverage involving Coates, see below:
Orioles and sponsors look to ride 2014 success into a new season (Baltimore Sun)
City-owned Hilton lost $5.6 million last year (Baltimore Sun)
Why Baltimore is not likely to land new pro sports teams (Baltimore Business Journal)
Walker, Vos: City, county need to offer more for new arena (Milwaukee Journal Sentinel)