Businesses set to lose out on millions in revenue
Published 04/07/2014 | 02:30
BUSINESSES in Dublin stand to lose out on up to €10m for each of the cancelled concerts, believes the Dublin Chamber of Commerce.
And with the threat of the other three gigs also being cancelled, hotels, restaurants and businesses across the city were last night counting the financial cost of Dublin City Council's decision.
Economist Jim Power told the Irish Independent he estimated as much as €16m will be lost from the two cancelled gigs.
Dublin City Business Improvement District CEO Richard Guiney estimated a similar figure and said retail could be the biggest loser ahead of pubs, restaurants and hotels.
"With the two nights cancelled, we're probably looking at somewhere in the region of €10m to €15m of lost spend in the city. As people bought multiple tickets, we would have expected a fair number of people would stick around for more than one night, which would increase the level of spend," he said.
Restaurants' Association chief executive Adrian Cummins said 40,000 foreign visitors may now not travel to Ireland, which he described as "a massive blow" to the industry.