It seems that Arizona’s new immigration law could be coming back to bite the state where it really hurts: its wallet. A new report reveals that the the metro Phoeniz area risks losing as much as $90 million in hotel and convention business over the next five years because of the controversy.

“We have an image and public-relations problem of what might be unprecedented proportions,” David Krietor, a deputy city manager, told the Arizona Republic.

At least one PR executive doesn’t think it will be a problem down the road. Michael Levine, founder of agency Levine Communications Office and author of “Guerrilla PR” told PRNewser today, “I don’t believe in the long term that the economic impact will be anything significant. There may be some short term effect,” he said.

We want to hear from you. Does Arizona’s immigration law have any effect on whether you’d conduct business in the state? Let us know in the comments.