Study shows Waterfront Concerts bring in millions | News

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Study shows Waterfront Concerts bring in millions
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BANGOR, Maine (NEWS CENTER) -- For the last three summers the Waterfront Concerts in Bangor have drawn tens of thousands to the area. On Monday, a University of Maine professor released a study showing the benefits to the local economy.

Since the first concert held in 2010 there have been a total of 41 shows with names like Lynard Skynard, Jason Aldean and Journey to name a few. Total attendance at all those events exceeded over 200,000 people.

University of Maine Economics Professor, Todd Gabe, recently conducted a study to find out how much of an economic impact those concert goers had. What he discovered was that more than $30 million in revenue was brought in.

"You have the impacts at the sight itself, but then you also have surrounding hotels, restaurants," said Gabe.

One of those restaurants that benefits each summer is Geaghan's Pub, located less than a mile down the road from the Waterfront Pavilion. Owner, Larry Geaghan, who has been at the family owned restaurant for the last 37 years, says that the amount of people the concerts bring to his business is a huge boost during the summer months.

"We'll see a 20, 25 percent increase and we add extra staff," said Geaghan. "We make sure there is plenty of people here to serve those folks."

The study conducted by Gabe shows that the economic impact increased substantially each year the concerts were held. In 2010 the total impact was nearly $5 million, around $9.5 million in 2011 and then a jump to almost $16 million in 2012.

Waterfront Concerts have been working on their events schedule and will be announcing their first show dates of 2013 on January 22nd.

 

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