THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, October 13, 1995 TAG: 9510130504
SECTION: LOCAL PAGE: B1 EDITION: FINAL
SOURCE: BY ALEX MARSHALL, STAFF WRITER
DATELINE: NORFOLK LENGTH: Medium: 51 lines
When the Phantom of the Opera comes to town next month, it will bring more than a spooky mask, a big chandelier and a taste of Broadway.
The award-winning musical will probably deliver a bundle of bucks into the city's coffers.
Fifty-four shows are scheduled between Thanksgiving and Jan. 4, and the 126,000 show-goers could spend an estimated $15 million on tickets, meals, hotels, parking and gifts.
The impact could be more than $1 million in tax revenues for the city - the equivalent of Norfolk raising its real estate tax rate by about 1 1/2 cents.
The numbers show how much money a major downtown attraction can produce. The projected tax revenues from Phantom, for example, are about what the city is scheduled to put out this year to support the debt service on Nauticus.
For another comparison, the City Council raised the real estate tax rate 2 cents this year. The estimated $1.4 million in additional revenue could about equal what Phantom would produce if additional spin-off economic effects were thrown in.
Of course, the Phantom estimates assume all the shows will sell out. But more than half the tickets are already gone, a Chrysler Hall official told City Council this week. The company has added 16 shows to the run because ticket sales were so rapid.
The performances are expected to draw an audience from as far as Roanoke and deep into the Carolinas. Each show seats 2,340 people.
Here's how the Phantom numbers break down:
Tickets cost between between $21.50 and $66.50, and will generate $464,000 off the bat in admission taxes for the city from $5.8 million in sales.
The production company estimates that for every $1 an audience member spends on a ticket, he or she will shell out another $2 for restaurants, hotels and other expenses.
If those projections pan out, the Phantom audience should spend about $10 million more locally - and the meal, lodging and sales taxes could add up to another $500,000 in revenues for Norfolk.
The cast and crew will also be pumping money into economy during their stay in the area. The Phantom company provides $54,000 a week to the 112 actors, musicians and stage hands for food and other daily expenses.
Over the seven-week run, that means another $378,000 will be spent, with the city taking its tax share. by CNB