Quick check on the continued decline of the local economy as insiders fear one of the biggest investments of taxpayer dollars in downtown Kansas City is now in jeopardy.
Across the metro the hotel biz has taken a HUGE hit amid declining travel and continued pandemic concerns . . . However, the financial impact on the convention biz has been devastating. One example out of many: At the open of the hotel there was a $4.4-MILLION financial shortfall.
The situation is worse given that big biz is shying away from conventions overall and the "new normal" favors zoom meetings over extended gatherings.
Here's where it gets really bad . . .
INSIDERS FEAR THE VALUE OF THE DOWNTOWN KANSAS CITY CONVENTION HOTEL HAS DECLINED SO DRAMATICALLY THAT A TOTAL CITY HALL TAKEOVER IS INEVITABLE!!!
Once that happens, any hope of a rebound should be abandoned, throughout the nation, municipal guv has proven exceptionally horrible at running hotels and they often operate in the red.
In the meantime, local politicos now realize a tragic truism . . .
The downtown convention hotel is going to need more taxpayer subsidy in the very near future amid the threat of a cononavirus 2nd wave and the dearth of travel across the nation this holiday season.
Further reading from TKC denizens . . .
Developing . . .