Milwaukee World Festival, Inc.’s Chairman of the Board, Ted Kellner, announced today that Summerfest 2013 created a positive economic impact of $226 million for the State of Wisconsin, including $187 million for the City of Milwaukee.
The numbers are from a study conducted by Tourism Economics, an Oxford Economics company, and were reported at Milwaukee World Festival, Inc.'s Board of Directors meeting Thursday.
At the meeting, CEO Don Smiley reported that Summerfest 2013 attracted 840,356 patrons – 122,084 of which attended for free or significantly reduced prices thanks to daily promotions – and that projected net income for Milwaukee World Festival, Inc. is $816,904.
"The success experienced in 2013 is a result of the hard work and visionary leadership of the Summerfest staff," said Kellner in a statement. "However, we understand that in order for the festival to continue to grow and evolve, we must continue to re-invest in our grounds and festival offerings to ensure future success."
Board members also received reports on assessing current facilities conditions at Henry Maier Festival Park and on identifying the need for incremental operating costs and maintenance of capital assets for 2014-17.
In total, the cash required from 2014 to 2017 for incremental operating costs and maintenance of capital assets at the facility – not including any new construction projects – is approximately $15 million, it was announced.
Milwaukee World Festival, Inc. will pay an average annual rent of $1,881,318 from 2009 through 2030.