Knicks hype leads to big gains.
Hospitality leaders in the Big Apple hailed the estimated $465 million in economic development that resulted from the Knicks’ magical playoff run, calling it a critical “shot in the arm” for the industry.
“I mean New York is now fully electric, more bars, more restaurants are doing great, and they’re very excited to welcome people through their doors,” Andrew Riggie, executive director of the NYC Hospitality Alliance, said in a news conference Monday.
“And when we talk about the economic impact, our bars and restaurants have really been struggling over the past years.”
Bars and hotels have struggled to recover since the coronavirus lockdown in 2020 kept tourists at home, said Arthur Bacall, owner of Versa Restaurant & Rooftop.
The industry “now finally gets this opportunity,” Bacall said at the press conference held at his headquarters alongside other officials and former Knicks player Tom Hoover.
“The Knicks give us a lot of what we need, and on the back of that comes a great, big World Cup,” Bacall added.
“There is a lot going on in New York that is very important and very needed for this industry of restaurants, hotels and tourism.”
But as Knicks fever set in, business officials said local establishments beefed up private security, increased staffing, and beefed up crowd control management.
Watch parties outside Madison Square Garden sometimes caused chaos, leading to the arrest of unruly fans. One New York City police officer was even beaten last Friday.
While the out-of-the-park viewing party for Game 3 on Monday has been canceled with President Trump coming to town, the party is expected to return for Game 4 on Wednesday, New York Police Commissioner Jessica Tisch said in a separate press conference on Monday.
Economic Development Corporation officials estimated last week that the Knickerbocker family is expected to generate $465 million.
“We’ve never seen the city this way, in the history of my career, and why? There’s only one New York Knicks,” said Mitchell Modell, former chairman of the New York City Sports Commission and former CEO of the famous sporting goods store of the same name.
“Economic development, $465 million comes through the city; hotels, restaurants, bars, taxi drivers, tourists,” he said.
“Think about what this will do to showcase New York, which is the greatest city in the world. It’s unbelievable.”