Chicago cancels Lollapalooza amid coronavirus: How much will businesses lose?
COVID-19 is still a threat, city's mayor warned
Chicago stores are struggling to reopen after the coronavirus lockdown, riot violence and looting have physically and economically destroyed businesses. FOX Business' Grady Trimble with more.
Chicago will likely lose out on hundreds of millions of dollars after coronavirus caused the city to cancel large gatherings including the Lollapalooza music festival scheduled for later this summer, according to an estimate from the Anderson Economic Group released Tuesday.
Lollapalooza's cancelation will cost Chicago businesses at least $35 million in sales and Chicago residents nearly $9 million in lost earnings, Anderson Economic Group analysts said.
CHICAGO MAYOR: WILL TAKE 'HERCULEAN EFFORT' TO GET BUSINESSES TO COME BACK
"Lollapalooza, the Taste of Chicago, the Air and Water Show, the Jazz Festival – these are all significant events that draw hundreds of thousands of attendees and inject millions of dollars into the local economy,” Andrew Miller, a senior analyst at Anderson Economic Group, said in a statement.
Festival goers attend day two of Lollapalooza in Grant Park on Friday, Aug. 2, 2019, in Chicago. (Photo by Amy Harris/Invision/AP)
Canceling Lollapalooza will result in 300 fewer jobs for the Chicago economy as well, Anderson Economic Group estimated.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Chicago Mayor Lori Lightfoot said Tuesday her office had "extensive" discussions with the owners of Lollapalooza.
"The reality is, bringing 100,000 people en masse in close quarters ... every single day — we might as well just light ourselves on fire. It makes no sense," Lightfoot said. "We're still very much in COVID-19."
Lollapalooza would have taken place from July 30 to August 2. The festival's organizers vowed to create a "spectacular" 30th anniversary celebration of Lollapalooza in 2021.