The New York Yankees open up their playoff run on Tuesday evening, and Mayor Eric Adams said Tuesday the city is expecting the Bronx Bombers to provide an economic home run for the city.
Adams told reporters that an analysis conducted by the New York City Economic Development Corporation determined that each Yankees home playoff game will create an economic impact of $21.5 million to the city. That analysis is based on ticket sales and residual spending from more than 30,000 fans for each game. The study also accounts for additional income for seasonal employees who work at the Bronx ballpark.
Even the New York Mets, who faltered in their three-game wild card round series to the San Diego Padres over the weekend, were expected to contribute $16.9 million for each of its home playoff games, according to the NYCEDC.
“In New York City, baseball means business,” Deputy Mayor for Economic and Workforce Development Maria Torres-Springer said in a statement. “And with each postseason game – and may there be many – the impact for local businesses and our economy grows.”
Based on those projections, even if the Yankees play no more than two home games in the playoffs, Adams said that would mean the city reaps a $93.7 million economic benefit.
“Each time someone spends money in a restaurant, a stadium, a retail store, or a hotel, we make sure a dishwasher, a chef, a bartender, a waiter, or thousands of other workers are employed – and the 2022 MLB postseason will support local businesses and local jobs by generating close to $100 million in economic activity for the city,” the mayor said.
The Yankees are considered the favorites in the divisional round best-of-five series against the Cleveland Guardians and could play as many as three home games in the series if it goes the distance. If they advance, they could also host as many as four games each in the American League Championship Series and World Series.
Economists who have studied the economic impact of similar sporting events, such as MLB’s All-Star Game, often caution that the public should view economic impact reports skeptically as such reports tend to overstate the financial windfall a city receives from an event.