Lollapalooza generated a third of a billion dollars in economic activity in Chicago last year, three times higher than the NASCAR Fourth of July weekend street race is expected to rake in, according to a new study.
with the city, appears to be more advantageous for the city in terms of economic activity, tax revenue and fees.
Lollapalooza has been a good neighbor to Loop and South Loop residents, according to Jim Wales, vice president of the Grant Park Advisory Council. But he remains skeptical of NASCAR, which he said has held details about the race “close to the chest.” “Grant Park is not only the front yard of Chicago, but it’s also the park for the thousands of residents who live downtown,” he said.
In a statement, Lightfoot’s office said NASCAR’s economic impact will likely grow over time, as Lollapalooza’s has over the last decade.
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