Losing an event that draws more than 700,000 visitors from 42 states and 35 countries hurts in many ways, but the city of Denver’s tax coffers will undoubtedly feel the loss of the 2021 National Western Stock Show most acutely.

Economic impact studies have shown the Stock Show generates some $120 million of economic activity to the metro Denver area. City of Denver finance officials could not estimate lost tax revenue from the lack of this year’s show, as January sales tax figures are not compiled and released until March.

“There is absolutely no doubt of the power of the National Western Stock Show as an economic driver for Denver,” said Tami Door, CEO of the Downtown Denver Partnership. “That’s both during the event but also in terms of the residual business and tax revenue throughout the year … It’s practically impossible to gauge every negative impact. It’s incredibly powerful in its ability to drive tax revenue, help local businesses but also to build our brand.”

“It’s the most prestigious livestock show in the world,” National Western CEO Paul Andrews said. “It was sad to lose that economic impact to Denver, but it was obviously necessary” with the existing crowd restrictions due to the pandemic.

Andrews said almost 90% of the National Western’s $24 million in annual revenue comes from the Stock Show itself. The rest comes from the approximately 240 events the complex hosts from February through December. It’s been closed since March.

“As a 501(c)3 educational association, we’ve never been dependent on the state or the City of Denver for funding,” Andrews said. “That’s until this year. We’re going to the state (legislature) and to the federal government for funding for the first time ever.”

More than 60% of the stock show staff has been laid off, there’s been a ban on all travel and “no one is entertaining,” Andrews said. “We’ve driven the P/L (profit and loss statement) as low as it can be.”

There are only 40 staffers left trying to keep the complex as ready to be operational as possible. The National Western did receive some PPP assistance to help stop the financial hemorrhaging, but the lost revenue has NWSS organizers reeling.

While officials are trying to plan for when things will re-open – most events need a bare minimum of 60 days lead time for marketing, ticket sales, etc. – the rules are ever-changing.

“We’ve got a plan written for every color on that threat wheel,” Andrews said. “But we have to have 100 percent assurance before an event promoter will commit.”

Door said the loss of this year’s Stock Show stings. But it’s important for area residents to understand the Stock Show’s importance to the city in more than just terms of dollars and cents.

“When we work with city leaders on building place, it’s key to look at three things,” Door said. “The first is placemaking. It must be distinctive, something no other city could do. I can’t think of a more impactful example of that than the National Western Stock Show. You just can’t simply transfer that or repeat it at any other city in the country.”

Another important factor is “authenticity,” which the “rich history” of the Stock Show exemplifies.

“You can truly feel Denver in the experience,” she said.

The final important piece of creating a memorable place is “co-creation,” Door said.

“The Stock Show in all it’s glory is the reflection of co-creation,” she said. “You’ve got government, business, residents, industry and higher education creating an experience unique to Denver.”

Andrews talked about how all those elements of creation came together for the Stock Show’s new home, parts of which will open in 2022 with the National Western Center area and new livestock yards.

Donors have raised more than $60 million toward a $100 million goal to make the National Western Center “a global destination for agricultural heritage and innovation, one that promises a unique confluence of urban revitalization, economic development, tourism, education, research, and Western art and Culture,” according to the NWSS 2019 annual report, the latest available.

“There’s no place in the world these forces come together like this except Denver, Colorado,” Andrews said. “We’re ready for it. … It’s going to catapult us into a sustainable business model.”

Andrews knows some people are going to be wary of large crowds in January of 2022, even if the COVID-19 vaccine is widely distributed, herd immunity develops and there’s no longer gathering restrictions.

“I tell you from all we’ve learned, we’re going to have the cleanest venue in America,” he said. “I assure you every precaution will be taken, even if COVID isn’t here anymore – from hand washing, to hand sanitizer, clean door knobs, high-touch areas being cleaned constantly. We’re ready and we think everyone will be ready to celebrate the tradition that is the National Western Stock Show in 2022.”