NYC economy unscathed by Times Square bomb

By Aaron Smith, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- It's "business as usual" in New York City, despite the thwarted terrorist attack in the heart of Manhattan this weekend.

Business leaders say the tourists are still coming to Times Square, undeterred by the vehicle bomb that failed to explode on Saturday.

What are your summer vacation plans?
  • Low-budget trip
  • Splurging on a trip
  • Not taking a vacation
  • No plans yet

"There was very little impact," said Kathleen Duffy, spokeswoman for the New York Marriott Marquis, a hotel located right next to where the propane-packed Nissan Pathfinder was parked and left to explode. "We've seen no significant spike in cancellations."

Duffy said that the Marriott had an occupancy rate of more than 90% Monday night, even though part of the hotel facing 45th Street, including the restaurants with their multi-story glass façade, had to be temporarily evacuated on Saturday.

The smoking bomb, which was thwarted by an alert vendor and the police before it had the chance to explode, spurred an evacuation of Times Square. This made it difficult for some theater goers to access Broadway in time for the performances, but the show must go on.

"There were no evacuations from Broadway theaters on Saturday night," said Charlotte St. Martin, executive director of The Broadway League, in an e-mail to CNNMoney.com. "Due to police activity that closed a few streets in Times Square Saturday night, there were some late curtains but all shows did go on."

Last week's grosses "were not affected by the events of Saturday night because the tickets were sold and the performances were not cancelled," she added. "It's logical to assume there may have been financial impact on Sunday and this coming week, but the grosses do not necessarily reflect that assumption."

NYC & Company, the city's tourism and marketing organization, reported that commerce was carrying on unabated in midtown Manhattan.

"The Times Square area and its neighboring businesses are operating in a business-as-usual capacity -- the hotels, restaurants, shops, and Broadway theaters are fully operational," said George Fertitta, CEO of NYC & Company, in an e-mail. "The packed crowds on Sunday, Monday and today in Times Square reflect the energy of the area and show that things are back to normal."

Janine DiGioacchino, general manager of Madame Tussauds, said her staff at the wax museum located three blocks from the incident didn't even know anything unusual was happening until they saw it on the news.

"It really is business as usual," she said. "Nothing has changed for us."

She said she hasn't received cancellations, even from school groups, which "tend to be the ones that are most fearful of New York and what's going on here."

In a speech on Tuesday, President Obama applauded New Yorkers for taking the attempted attack in stride.

"New Yorkers have reminded us once again how to live with their heads held high," he said.

A suspect in the attack, Pakistani native and U.S. citizen Faisal Shahzad, was arrested Monday on Dubai-bound plane at John F. Kennedy International Airport before it left the tarmac.

The Federal Bureau of Investigation said that Shahzad was arrested "for allegedly driving a car bomb into Times Square." To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,045.84 -52.61 -0.31%
Nasdaq 4,589.42 9.15 0.20%
S&P 500 1,999.12 -4.25 -0.21%
Treasuries 2.42 0.07 3.12%
Data as of 2:30pm ET
Company Price Change % Change
Apple Inc 103.39 0.89 0.87%
Bank of America Corp... 16.14 0.05 0.34%
Staples Inc 12.71 1.03 8.82%
Facebook Inc 76.07 1.25 1.67%
Intel Corp 34.50 -0.42 -1.20%
Data as of 2:15pm ET

Sections

Nike flexes its huge dollar advantage by signing Durant to a $300 million endorsement deal that trumps $285 million offer from Under Armour More

If approved by Los Angeles city council, the plan could raise wages for 567,000 workers by 2017. More

The latest celebrity photo hack shows your digital life doesn't end at your phone. If your stuff lives on "the cloud," you don't control the data. More

The Coolest Cooler is the most successful Kickstarter campaign in the site's history, raising $13.3 million from over 62,000 backers. More

A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.