Unlike commentators who live at the opposite end of the country, some of the family, including in earlier times myself, actually have lived in both West Kirby and Hoylake. As can be seen from some past posts of mine about the line.
To get rid of the 'local economy boost' falsehood, there is a pretty universal experience that this doesn't happen, and in fact for some businesses they get a notable downturn. This is by no means unusual that major events lead to such downturns in the locality, it notably impacted a wide range of businesses in London during the 2012 Olympics (also local to us). The area has very little hotel accommodation, and the price gouging at a few such places is invariably scooped by organisations from out of the area. Catering contractors etc are commonly National names entirely from outside the area, and seem to bus in their staff daily from places like Manchester.
Local shops, local residents, etc find the thing a confounded nuisance, with no upsides. Some events provide more interest than others. For example, on their night before departure, the USA 2012 Olympic team centre nearby us put on a fireworks display which would not have disgraced many a national New Year's; all invited. But I understand golfers, and their camp followers, don't do any community things like that. Damage from drunkards is as much as you can expect.