Niagara Falls is one of the most popular tourist destinations in the world, and for good reason. The massive waterfall, located on the Niagara River between Ontario, Canada and New York, USA, attracts millions of visitors each year.
But have you ever wondered how much money Niagara Falls makes from tourism? Let’s take a closer look.
The Tourism Industry in Niagara Falls
Niagara Falls is a major tourist destination that offers a variety of attractions and activities for visitors to enjoy. In addition to the falls themselves, there are also casinos, hotels, restaurants, and numerous other tourist attractions in the area. All of these businesses contribute to the local economy and help generate revenue for Niagara Falls.
The Economic Impact of Tourism
According to a report by Tourism Economics, the tourism industry in Niagara Falls generates over $2 billion in economic activity annually. This includes direct spending by tourists on things like lodging, food and beverage, transportation, and entertainment. This spending supports over 28,000 jobs in the region.
How Much Money Does Niagara Falls Make From Tourism?
While it’s difficult to determine exactly how much money Niagara Falls makes from tourism each year, we can get an idea by looking at some of the numbers. In 2019 alone, over 12 million people visited Niagara Falls State Park on the American side of the falls. On the Canadian side of the falls, approximately 14 million people visit each year.
Revenue Streams for Niagara Falls
There are several revenue streams that contribute to Niagara Fall’s income from tourism. The first is admission fees to parks and attractions such as Maid of the Mist or Journey Behind The Falls which range from $20-$30 per person depending on age or group size.
Another source of revenue is through hotels and accommodations which make up roughly 80% of all visitor expenditures according to Destination Niagara USA. Some of the most popular hotels in the area include Niagara Falls Marriott Fallsview Hotel & Spa, Sheraton on the Falls, and Hilton Niagara Falls/Fallsview Hotel & Suites.
Lastly, restaurants and souvenir shops in the area also contribute to the local economy by offering a variety of dining options and souvenirs for visitors to take home.
Conclusion
Niagara Falls is undoubtedly a major player in the tourism industry, generating billions of dollars in economic activity each year. While it’s difficult to determine exactly how much money Niagara Falls makes from tourism, we know that admission fees to attractions, hotel accommodations, and dining options are all major sources of revenue for the region. With millions of visitors each year, it’s clear that Niagara Falls will continue to be a top tourist destination for years to come.
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