Finance

Acrisure Arena delivers economic boost for Greater Palm Springs

Featured Image: Acrisure Arena

Acrisure Arena, a new venue in Greater Palm Springs, California, supported nearly 2,000 jobs in the area and generated $168.5m (£133m/€157m) for the region last year. 

The figures were revealed in a new Economic Impact Report conducted by Tourism Economics for Visit Greater Palm Springs. The venue opened in December 2022.

When compared to the previous 2021 Tourism Economics study, Acrisure Arena has surpassed its 2023 projections in a number of areas, including annual direct spending, job creation, labour income, event attendance, the number of out-of-area event attendees, total business sales, and contribution to state and local taxes.

In 2023, Acrisure Arena hosted 850,400 attendees across 117 events, with 443,700 of this total coming from outside Greater Palm Springs.

Total visitor spending amounted to $120.6m, exceeding the estimate of $108.2m from the previous 2021 report. Direct spending included $36.7m for lodging; $29.3m for retail purchases; $28.5m on food and beverages; $17m on entertainment and recreation; and $9.1m on local transport.

Acrisure Arena generated $168.5m in total business sales, exceeding the previous projection of $141m annually. In total, the 11,000-capacity venue employed 1,983 part-time and full-time workers, generating $49.8m in labour income.

The arena was developed by Oak View Group with project manager CAA/Icon, architect Populous and construction contractor AECOM Hunt.

“We are thrilled to see the remarkable economic contributions that Acrisure Arena has brought to Greater Palm Springs in such a short time,” said  Scott White, president and chief executive of Visit Greater Palm Springs.

“The arena has not only become a beacon for world-class entertainment but also a catalyst for economic growth and job creation in our region. The success of our hometown hockey team, the Coachella Valley Firebirds, has been a significant part of this achievement, drawing fans and fostering community spirit. We look forward to continuing this momentum and welcoming even more visitors to experience the vibrant culture and unmatched hospitality of Greater Palm Springs.”

Tim Leiweke, chairman and CEO of Oak View Group added: “We are immensely proud of the transformative impact Acrisure Arena has had on the Coachella Valley.

“Acrisure Arena has proven to be a premier destination for world-class entertainment and a powerful economic engine driving growth and creating opportunities for local businesses and residents. The $168.5 million boost to the economy and the nearly 2,000 jobs supported in 2023 are testaments to our commitment to the community. Acrisure Arena’s success underscores the vital role that live entertainment venues play in fostering economic vitality and community engagement.”