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Philly Will Drop Roughly $500K On NFL Draft. Is It Worth It?

PHILADELPHIA (CBS)--Do major events hosted by Philadelphia actually help out the city's economy? That's the question many are wondering as we're less than one week away from the NFL Draft.

"Events like the DNC [are events which] every city would love to have those because you're on display for a week," said James Cuorato, the President and CEO of the Independence Visitor's Center.

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"I mean the exposure we will get really all over North America is just amazing. You almost can't put a price tag on that," he continued.

Most people we spoke with around Independence Mall say they were visiting Philadelphia for its history and food.

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"I ate a Philly cheesesteak," said one visitor from Japan. "It was really good."

City officials estimate hosting the NFL Draft will cost $25 million dollars. The city will pay $500,000 and the rest will be split between the NFL and private donors.

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"It's great for the city. It's great for the economy and it's great for the hospitality industry," said Cuorato.

I have a bell collection and this is kind of the highlight of the trip. I'd say," says Jessica Gomez.

Cuorato says, "Maybe down the road, people watch the draft and say Philadelphia looks like a great city. Maybe we ought to plan a visit there."


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