A new study shows that Arizona’s anti-immigrant law has so far cost the state more than $140 million in lost revenue.

A boycott of Arizona in the wake of a controversial immigration law has cost the state more than $140 million in lost meeting and convention business, a new report released Thursday shows.

The economic impact analysis commissioned by the Center for American Progress put hotel industry losses during the first four months after the signing at about $45 million. Visitors would have spent an additional $96 million during their stays, said Angela Kelley, the group’s vice president for immigration and advocacy.

“This is as much I think to serve a warning to other states, particularly those who rely on tourism and conferences and conventions, that there is an economic impact to it,” Kelley said. “We feel like this is a very modest slice, just a piece of what the economic impact is, and we don’t think that we’re overstating it or overselling it.”

The study was paid for by the group, a liberal-leaning think tank, but conducted by the respected Scottsdale-based economic firm Elliott D. Pollack & Co.