DENVER - Normally, Pete Coors is asking people to pony up five bucks to drink his beer. This week, however, he is busy trying to round up $5 million in commitments from businesses and civic groups in an effort to bring the 2016 Republican National Convention to Denver.
Coors — chairman of both Molson Coors Brewing Co. (NYSE: TAP) and its American joint venture, MillerCoors LLC — is chairman of the host committee trying to bring the quadrennial event to Denver, six years after the city hosted the 2008 Democratic National Convention and experienced a $266 million economic impact.
An analysis of the 2012 GOP convention in Tampa showed it got a $400 million economic boost from the weeklong event.
But before Denver can even dream about reaping such benefits for hotels, restaurants and any business that can find a way to work on the convention, it's got to beat out five other cities the Republican National Committee has named as semifinalists.
And to nab a place among the finalists — a group the RNC is expected to announce at a meeting in mid-May — Denver officials have to prove that they are willing to put up monetary commitments of somewhere around $20 million for the $60 million event. And Coors wants to round up half of that this week.
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