Economic Impact
LMHE’S $160 MILLION COST IS PAID BACK TO THE LOUISIANA ECONOMY EVERY YEAR, YEAR AFTER YEAR.
LMHE costs $160MM to create. LMHE’s economic impact to Louisiana is $150MM each year after it opens according to a CosultEcon study. This economic impact is demonstrated also by two comparable facilities, both having attendance less than LMHE’s projections – The Rock & Roll Hall of Fame (the “Rock Hall”) and The National WWII Museum.
LMHE is developing a 120,000 square foot, $160MM museum to tell the Louisiana music story from Congo Square until today. LMHE’s economic study concludes “there is an outstanding opportunity to develop a music museum… and based on the analysis in this report; the Louisiana Music and Heritage Experience will operate successfully over time.” The report highlights economic benefits as (1) 712,000 visitors per year; (2) $45MM of annual sales; (3) 234 FTEs at average pay of $60,000 plus benefits; and (4) $150MM of economic impact annually.
LMHE is led by a first class team who not only assembled the LMHE plan; they were involved in similar success stories. Our curator Bob Santelli has curated 10 music museums including the Rock Hall – this will be his 11 th . CEO Terry Stewart was the Rock Hall CEO for 15 years. Advisory Board Member Rebecca Mackie was the EVP & CFO at the WWII Museum during the past 17 years.
LMHE is building a worldwide institution on par with the Rock Hall and the WWII Museum.