LeBron James will play his first game in Cleveland tonight since heading back to the Cavaliers after “taking his talents” to South Beach in 2010. James’ return means big business for the city and CNBC’s Morgan Brennan is live in Cleveland throughout the day to cover it. The “LeBron effect” increases ticket sales, hotel reservation and web traffic, so CNBC is on the ground to cover the business angle of the biggest homecoming in sports.
From increased jersey sales to local restaurants thriving, the “LeBron effect” has a significant impact on the economy. According to Brennan’s report, Cuyahoga County projects a $50 million boost to the local economy. More jobs will be created to meet visitor demand and more taxes collected due to increased consumer spending on tickets and in local businesses.