The New Orleans Fair Hangover

On the final day of the New Orleans World's Fair last week, 82,916 people thronged the exposition grounds, lining up to ride the monorail and partying in the German beer garden. Sadly, it was all too late. The fair, which was in financial trouble even before it opened in May, had filed for bankruptcy just five days earlier.

Though the fair was a big hit with Louisiana residents, it did not attract enough out-of-state visitors. The average daily attendance was only 36,866, about half the number needed to break even. The shortfall is being blamed on lukewarm press reviews, ill-conceived marketing efforts and expensive admission tickets ($15 for adults).

The exposition leaves behind debts totaling at least $100 million, including $35 million owed to such creditors as suppliers and contractors. After the sale of assets, buildings and salvage, only a fraction of the debts is likely to be repaid. The financial scalding suffered in New Orleans, however, has not dampened the demand for still more fairs. Chicago organizers are hoping to mount a far larger one in 1992 with a prospective budget of $1 billion.