Lightfoot's office said the deal comes with an 'estimated future financial impact of nearly $4 billion for the Chicago economy.'
Lollapalooza will be in Chicago's Grant Park for at least 10 more years after the city and event organizers announced a new agreement Sunday.
Mayor Lori Lightfoot said the deal with Organizers C3 Presents includes a 10-year extension of Lollapalooze in Grant Park and a possible five-year extension. Lightfoot said the deal comes with an"estimated future financial impact of nearly $4 billion for the Chicago economy."According to the mayor's office, since tracking the economic impact of the festival beginning in 2010, the festival has generated nearly $2 billion for the Chicago economy, including $305.1 million in 2021 alone. "Lollapalooza is not only a significant economic driver for our city, but a truly iconic Chicago summer festival," said Mayor Lightfoot.
In 2021, the festival directly generated more than $4 million in taxes for the city and $7.8 million in fees for the Park District, which supports parks and programs citywide, Lightfoot's office said. "With Lollapalooza serving as Chicago hotels' busiest weekend of the year, IHLA and its members are excited to welcome Lolla back to our city for the next ten years. In 2021, the festival generated over $5.7 million in hotel tax revenue for the city, Cook County and the state of Illinois," said Michael Jacobson, President and CEO of Illinois Hotel and Lodging Association.
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