Live Nation Entertainment (LYV) said Tuesday it will invest $1 billion to build or renovate 18 live music venues across the US, targeting smaller cities.
The company said it expects the investment to generate $2.9 billion in total economic impact, including spending on construction, development, and related services.
Once operational, the venues are projected to deliver $1.4 billion in annual economic benefits to local communities, according to Oxford Economics, it added.
Over the next 18 months, Live Nation plans to open or begin work on venues in cities such as Allentown, Milwaukee, Richmond, and Shakopee, covering both indoor and outdoor formats, according to the company.
The company added that it supports President Trump's recent executive order targeting ticket scalpers, citing losses of more than $10 billion annually from the resale market.
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