First off, declining revenue is declining revenue. If you expect x amount of money from a certain entity each year, and each year that entity keeps declining, that is lost revenue.

Second, and to get to your point (I think), people who live in Blacksburg don’t spend the same ways as those who visit. For example, they don’t typically stay in hotels, eat three meals a day at restaurants, and buy inordinate amounts of Hokie gear, etc. Not to mention, this inordinate amount of spending is taxed heavily by the Town because that is a huge source of revenue without having to rip it from the locals (because locals don’t have to eat out and stay in hotels).
[Post edited by Hubman at 10/01/2019 2:31PM]