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During the convention, several different events occur, ranging from mass ascensions, special shapes ascensions, night glows, and a variety of balloon competitions. The convention has also become a major showcase of New Mexican culture and history and features numerous cultural exhibitions. The fiesta has become a major event in Albuquerque every fall, attracting tourists from across the state, nation and even world. The fiesta has become among Albuquerque's largest tourist attractions and constitutes a major source of income for the city and local businesses. Typically, tourists and fiesta visitors take thousands of pictures of the balloons, so it was no surprise that for several years the fiesta was sponsored by Kodak and was given the title, the Kodak Albuquerque International Balloon Fiesta, though that title was usually only used in print ads and on official memorabilia. Kodak no longer sponsors the fiesta, and the official name has returned to the Albuquerque International Balloon Fiesta.
The actual balloon fiesta park from which the balloons are launched is located on the western side of the city. Recently the city is contructing a multimillion dollar Anderson-Abruzzo Albuquerque International Balloon Museum on the grounds which recounts the last three decades of the convention, as well as a general history of ballooning. It is scheduled to open in October 2005.