Editing 1964 New York World's Fair (section)

=== Profitability and effect on other world's fairs ===
Profits from the fair would have been used to improve Flushing Meadows–Corona Park,<ref name="nyt-1960-11-04" /><ref name="Sederberg 1964" /> and many of its restaurants [[Break-even (economics)|broke even]].<ref name="nyt-1965-10-14">{{Cite news |last=Alden |first=Robert |date=October 14, 1965 |title=Restaurants at Fair Are Recouping 1964 Losses |url=https://www.nytimes.com/1965/10/14/archives/restaurants-at-fair-are-recouping-1964-losses.html |access-date=June 4, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> On the fair's closing day, the WFC had $11.58&nbsp;million in cash.<ref name="Caro p. 1112" /> Moses anticipated the WFC would not be able to repay the remaining $22.4&nbsp;million in promissory notes,<ref name="O'Neill 1965" /><ref>{{cite news |date=October 19, 1965 |title=New York World's Fair Won't Reduce Principal Of $22,371,250 Notes: Moses, President, Says Holders Will Get 2 Interest Payments, Recover Half of Investments |work=The Wall Street Journal |page=8 |issn=0099-9660 |id={{ProQuest|133005094}}}}</ref> and the WFC was expecting to default on 60 percent of the bonds it had issued.<ref name="Samuel p. 87">{{harvnb|Samuel|2007|ps=.|page=87}}</ref><ref name="nyt-1965-12-22a">{{Cite news |last=Alden |first=Robert |date=December 22, 1965 |title=Fair Audit Calls Management Lax; Data on '64 Operation Show Insufficient Cash Reserve for Demolition Job |url=https://www.nytimes.com/1965/12/22/archives/fair-audit-calls-management-lax-data-on-64-operation-show.html |access-date=June 5, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> In December 1965, Beame determined the fair had lost $20.1&nbsp;million in 1964 due to improper management.<ref name="nyt-1965-12-22a" /><ref>{{cite news |date=December 22, 1965 |title=New York City Official Says World's Fair Loss In '64 Exceeded Report: Comptroller Charges Fair Gave Credit to Bad-Risk Exhibitors, And Pre-Selected Some Bidders |work=The Wall Street Journal |page=7 |issn=0099-9660 |id={{ProQuest|132969719}}}}</ref> The WFC later agreed to pay noteholders another $4&nbsp;million in mid-1966,<ref>{{Cite news |date=June 4, 1966 |title=World Fair To Settle Claims At 20 Cents On The Dollar |work=The Sun |page=A4 |id={{ProQuest|537525799}} |postscript=none}}; {{Cite news |last=Tomasson |first=Robert E. |date=June 4, 1966 |title=Accord Approved on World's Fair; Noteholders to Be Paid 19.2 Cents to the Dollar |url=https://www.nytimes.com/1966/06/04/archives/accord-approved-on-worlds-fair-noteholders-to-be-paid-192-cents-to.html |access-date=June 6, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> although it struggled to fulfill its obligation to restore the fairground.<ref name="nyt-1965-12-11">{{Cite news |date=December 11, 1965 |title=Problems of Fair Are Still Unsettled |url=https://www.nytimes.com/1965/12/11/archives/problems-of-fair-are-still-unsettled.html |access-date=June 5, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>

During the late 1960s, the WFC was separately investigated on charges of financial mismanagement regarding the Belgian Village pavilion,<ref>{{Cite news |last=Zion |first=Sidney E. |date=January 23, 1968 |title=Inquiry Started on World's Fair; Mackell Studies Charge of Kickback at Belgian Village |url=https://www.nytimes.com/1968/01/23/archives/inquiry-started-on-worlds-fair-mackell-studies-charge-of-kickback.html |access-date=June 6, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> and the New York state government opened a [[racketeering]] investigation into the fair's construction.<ref>{{cite news |last=Renner |first=Tom |date=May 8, 1968 |title=Fear Hampers Rackets Probe Of World's Fair |work=Newsday |page=11 |issn=2574-5298 |id={{ProQuest|915109692}}}}</ref> The city government received $1.5&nbsp;million in profits from the fair in 1972, following several years of legal disputes.<ref>{{Cite news|last=Arnold|first=Martin|date=February 18, 1972|title=Books Are Closed On World's Fair|url=https://www.nytimes.com/1972/02/18/archives/books-are-closed-on-worlds-fair.html|access-date=June 10, 2024|work=The New York Times|language=en-US|issn=0362-4331}}</ref> The fair recorded a net loss of $21.1&nbsp;million,<ref name="nyt-1967-12-29">{{Cite news |last=Mooney |first=Richard E. |date=December 29, 1967 |title=World's Fair Loss Put at $21,159,660; Bondholders Cover Major Share of Deficit, With City Writing Off the Rest |url=https://www.nytimes.com/1967/12/29/archives/worlds-fair-loss-put-at-21159660-bondholders-cover-major-share-of.html |access-date=June 5, 2024 |work=The New York Times |language=en-US |issn=0362-4331 |postscript=none}}; {{Cite news |date=December 29, 1967 |title=World's Fair Losses Put at $21.1 Million |url=https://www.newspapers.com/article/daily-news-worlds-fair-losses-put-at-2/148781172/ |access-date=June 5, 2024 |work=New York Daily News |pages=18 |via=newspapers.com}}</ref> and bondholders received back about one-third of their original investments.<ref name="Caro p. 11132" /><ref name="nyt-1967-12-29" /> In total, the WFC and other public agencies had spent $83.832&nbsp;million on permanent improvements to the site during the 1964 fair.<ref name="Caro pp. 1113–1114">{{harvnb|Caro|1974|ps=.|pages=1113–1114}}</ref>

In part because of the 1964 fair's unprofitability, many industrial exhibitors were reluctant to sponsor major exhibits at the next world's fair, [[Expo 67]] in [[Montreal]], Canada,<ref name="nyt-1965-06-25">{{Cite news |last=Alden |first=Robert |date=June 25, 1965 |title=Fair's Costs Here Felt in Montreal; Exhibitors Show Reluctance to Sign Up for '67 Show |url=https://www.nytimes.com/1965/06/25/archives/fairs-costs-here-felt-in-montreal-exhibitors-show-reluctance-to.html |access-date=June 4, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> and two other American cities withdrew proposals for world's fairs in the 1960s and 1970s.<ref name="nyt-1965-08-16" /> Citing the 1964 fair, Expo 67's organizers heavily invested in amusement attractions, sought and received BIE approval, and constructed pavilions ahead of schedule.<ref>{{cite magazine |last=Landry |first=Robert |date=October 20, 1965 |title=Miscellany: Montreal Faces Sour After-Taste Of 'Who Needs Another World's Fair?' |magazine=Variety |pages=2, 78 |volume=240 |issue=9 |id={{ProQuest|1017131469}} |postscript=none}}; {{Cite news |date=October 24, 1965 |title=Woes of N. Y. Fair Echo in Montreal; Planners Hope '67 Program Will Escape '65 Problems |url=https://www.nytimes.com/1965/10/24/archives/woes-of-ny-fair-echo-in-montreal-planners-hope-67-program-will.html |access-date=June 5, 2024 |work=The New York Times |language=en-US |issn=0362-4331}}</ref> Expo 67 officials also sought positive press coverage for their fair, a significant departure from Moses's negative reaction to every perceived criticism.<ref>{{Cite news |last=Zel Lurie |first=Jesse |date=July 6, 1965 |title=Montreal Expo Woos the Press: Canadian World's Fair Organizers Learn from New York's Mistakes |work=The Jerusalem Post |page=5 |id={{ProQuest|929686515}}}}</ref>