(FORTUNE Magazine) – Only one New York event is big enough to get the jets at LaGuardia to change their course: the U.S. Open, the fourth and final Grand Slam tennis tournament. Every summer--this year, from Aug. 28 to Sept. 10--planes are rerouted to avoid buzzing the 45-court Flushing Meadows facility, two miles from the airport.

The Open generates more than $150 million in annual revenues from ticket sales, sponsorships, food and merchandise, and TV and radio contracts. (The average major league baseball team garners about the same amount--over a span of 81 home games.) "I plan my schedule around the Open," says actor Alec Baldwin. "My eyes pop out at the sheer number of celebrities. It's like a New York Knicks game times ten."

It wasn't always this way. Players long complained that the facilities were below the level of the Australian Open, the French Open, and Wimbledon. In 1993, David Dinkins, then mayor of New York and a huge tennis fan, helped the United States Tennis Association secure a $300 million loan for a complete overhaul of the grounds. The main focus: a 23,000-seat stadium--later dedicated to the winner of the first Open, Arthur Ashe--and new player facilities (including a day-care center, a travel agency, banking and racket-stringing centers, a dining room, a computer room, concierge service, and two lounges).

In an effort to make the 2000 Open an even bigger deal, Arlen Kantarian, the tournament's new CEO, has raised the prize money to $15 million (the singles winners each get $800,000). Kantarian's days at the NFL and Radio City Music Hall have informed some of the changes: A big-screen monitor outside Arthur Ashe stadium will broadcast play to those around the grounds, and a fan will get the chance to win a million dollars by returning a top player's serve. "It's tennis with an attitude," he says.

Soft-spoken, cordial, and nattily dressed in a summer suit, tournament director Jay Snyder possesses none of said attitude. The former umpire is more reminiscent of the sport's genteel past than its rock & roll future. (That said, every year, the day before the tournament, Snyder sneaks onto center court for a quick match.) When asked how best to enjoy the Open, he seems incredulous that it could provoke any other response. "Take the subway and wear sunscreen," he says. "And if you have a ticket to Arthur Ashe stadium, don't just sit in your seat. There's a lot more going on. Just take a look around."

WHEN TO GO: The first week. All 15 courts are often occupied at the same time. Plus, you can walk around the grounds and see the players practicing. "It's like being on the baseball field during batting practice," says player/commentator Luke Jensen.

HOW TO GET THERE: The No. 7 subway train. Nine Mets games are scheduled next door at Shea Stadium during the Open, and LaGuardia is around the corner. The area can very quickly resemble a massive parking lot.

BEST SEATS: Louis Armstrong Stadium. "There's no better place in the world to watch a tennis match," says commentator Mary Carillo.

WHERE TO EAT: It's hard to go wrong; the Open is famous for its food. Arrive early at Rackets restaurant--a private dining room until the new stadium was built--and you may get a table overlooking the grandstand court.

AUTOGRAPHS: The southwest side of Arthur Ashe, near the media center, is where players arrive, leave media sessions, and pass by en route to the practice courts. They often sign autographs after a match--even if they lose--but it's unwise to ask when they're on their way to a match.

TOP VIEW: On the southeast side of Arthur Ashe, you get a perfect view of the Manhattan skyline. If your seat is in the highest rows, don't despair: The sunset above the Manhattan skyline is worth the price of admission.

EARLY BIRDS: A $40 grounds pass allows you access to every court except the one in Arthur Ashe. They're sold only on the day of attendance, starting at 9 A.M.; if you get there much past 8, expect a long line. An even better deal is the week of qualifying that precedes the Open--admission is free.