Indianapolis lost $1 million from Super Bowl

INDIANAPOLIS (WISH) - Indianapolis got a big bump in tax revenue from hosting Super Bowl XLVI, but it still lost about $1 million overall.

According to revenue numbers released for the first time Monday, tax collected in April and May of this year, reflecting taxes collected February, were up $2,867,836.

But when all the costs were added up, the Capital Improvement Board spent $1,060,178 more than it took in. According to the CIB, hotel taxes collected were less than expected.

Event never expected to make money

"If you think about it, to spend a million dollars for the branding and the effort that is generating for us is a pretty good return on investment," said Ann Lathrop, president of the CIB.

The CIB never expected to make money on the Super Bowl, projecting a loss of $800,000. But it lost $300,000 more than that.

In large part, it was because of three items — insurance, legal fees and snow removal equipment, not reimbursed by the NFL.

Tax revenue shortfall

"We were off a little bit at this point in hotel, motel, from what was actually collected. But we were over in food and beverage and rental car," Lathrop said.

The CIB budgeted for nearly $2.5 million in hotel/motel tax from the event, but the actual collections thus far are about $500,000 below that. Food/beverage taxes came in about $240,000 over what was budgeted, and auto rental came in nearly $128,000 above budget. That means overall, the CIB's tax revenue came in about $127,000 lower than they had budgeted for - though that number could change a bit, as a portion of taxes will also be collected in June, the CIB noted.

ICVA says long-term gain still expected

And despite the losses, But the Indianapolis Convention and Visitors Association says it anticipates as much as $300 million in future business, based on interest in the city after the Super Bowl.