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  • Muhammad Atif Saeed

Santa Monica Loses Lucrative Film Market

After 33 years in Santa Monica, the American Film Market (AFM) announced Friday it is moving to Las Vegas, dealing a crushing blow to the city's slowly recovering economy.

The market -- which pumps more than $20 million into Santa Monica's economy during its annual week-long stay -- drew more than 7,000 participants from 70 countries during the city's slow winter season.

Officials cited Santa Monica's expensive hotel rates, which are among the highest in the State, concerns about crime and homelessness, and ongoing protests by the hotel union as reasons for the move.

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