There is a trend in stadium/arena development to diversify venues, moving away from single purpose facilities that sit vacant for long periods during the calendar year, towards ones that can host a variety of non-traditional events (i.e. marathons, conferences, video game tournaments etc.) and draw spectators with varied interests. These new facilities are being built in more desirable locations (see: downtown) to encourage more visitors to attend. Flexible venues are also easier to finance with multiple parties contributing; as the public funding that used to subsidize the development of new sports facilities has, for the most part, dried up.
Howie Long-Short: New stadium construction can now cost more than $1 billion, so it makes fiscal to maximize ancillary revenue from stadium event rentals. Still, 86% of economists say that public funding for sporting venues is likely to cost taxpayers more, than any economic benefits realized by the finished facility; and most taxpayers are unlikely to ever step foot in the building. I’m all for multi-purpose venues, so long as the total expenditure for construction is coming out of owner(s) pockets.
Fan Marino: The Washington Redskins have released plans for a new 60,000 seat stadium that would offer locals far more than a place to watch football games. The proposed venue will include a moat that can be used for kayaking and surfing in the summer, and ice skating in the winter; while the stadium’s exterior will double as a climbing or rappelling wall. That doesn’t sound like a modern stadium, it sounds like an urban outdoor enthusiast’s dream.
More Than Sports: Stadiums Try Video Games and Surfing
For the balance of today’s newsletter, sign-up here!
