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Raj and Musgrave cite economists, agreeing that “festivals and events are recognized as key economic tools for local and national economies: they increase economic activities and inject new money into the economy and leave post-event impacts on the host community” (2009, 58). Not only is the event itself a major source of revenue for clients, organizers, venues and subcontractors, but the added value of event tourism associated can boost sales for local businesses, hospitality, and municipalities. Of course there are expenses associated with hosting events, and it is worthwhile to conduct a cost-benefit analysis to assess “costs against benefits of any new activity, product or service, and provide a projected view of the economic impact” (Raj and Musgrave 2009, 60).

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