LEXINGTON, Ky. (LEX 18) — Lexington businesses are missing out on potential sales because Kentucky lost in the first round of the NCAA Tournament.
The Paddock, a bar just off UK’s campus, could make $10,000 a game during the NCAA Tournament, their owner Erick Ostrander told LEX18. Those numbers increase as the tournament goes on.
“It can pay salaries for an entire year if UK makes the final four, it’s that big a boost,” Ostrander said.
He said that because of the volatility of March Madness, they don’t plan to see a big increase in sales when they plan out their budgets at the start of each year.
“You can’t make business predictions off 18-year-old kids,” he added.
Mark Montgomery, the manager of All Sports at the Fayette Mall, says they have to purchase March Madness apparel months in advance because it is made overseas.
“So we order inventory in the hopes we have a good March Madness,” Montgomery said.
With the tournament ending early, the apparel will sit around, possibly preventing them from bringing new things in.
Ostrander is still hopeful they have a good March because, he said, college students, tend to have short-term memories.
“Life goes on,” he said. “It’s not all about basketball, but it’s fun when they win.”