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brand-new year from the crossroads of the world here in new york city a couple of blocks away from our new york city studios a live look at time square. more than a million tourists expected tonight for the big ball drop. an event that party hosts have spent a pretty big penny planning. fox business network lauren siminetti is live in time times square to tell us about this. what is the economic impact here. a happy early new year to you, jon and believe it or not it s well worth spending $2.5 million to put on this party, that s what the times square entertainment spent. they even spent a million dollars to client up after one ton of confetti flows through the sky. it s worth it. the economic impact of that is just about $25 million. this is one of the biggest new year s eve parties the world has ever seen. it s great to be here. if you re from new york you probably never come down here to watch it live because it s so

New york cityBall dropTime squarePenny planningCrossroads of the worldA millionJon scottLauren siminettiFox business networkTimes square entertainment5 million2 5 millionA million dollarsNew years eve5 million25 million