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A 65,000-seat football stadium for the Raiders is just one component in Hollywood Park's plan to "transform" its racetrack facility into a "year-round sports and entertainment complex." Hollywood Park Inc. recently built a golf range and card casino adjacent to its racetrack on the 345-acre Inglewood, CA, site. Ground will be broken next month on a shopping center and plans call for a music center to be built as well. R.D. Hubbard, Hollywood Park Chair and CEO: "We want Inglewood to be the place where L.A. comes to play." Analysts say the plan is based on the park's "need to lure young, upscale customers who normally are not drawn to racetracks." Steven Weinress, a partner at L.H. Friend, Weinress & Frankson Inc., says the large number of non- racing days is also an incentive for expansion: "(Hubbard's) whole concept is to turn it into a year-round destination site" (Walter Hamilton, L.A. DAILY NEWS, 12/21). PROBLEMS: But "major obstacles" exist in the path of a new football stadium at Hollywood Park, according to a report in the L.A. TIMES. Financial hurdles, competition with L.A., a lack of commitment from the NFL and difficulty in dealing with Raiders Owner Al Davis are what they face. "The big question is Hollywood Park's ability to take on a huge new venture" (Reich & Mulligan, L.A. TIMES, 12/21).
BET President Robert Johnson reasserted his opposition to a plan for a new D.C. arena proposed by the National Capital Development Corp. in an op-ed in today's WASHINGTON POST. Johnson defended his own plan for a privately-funded arena and emphasized his desires for an agreement giving him minority ownership in Abe Pollin's Capitals and Bullets in exchange for BET funding the arena. Johnson: "If citizens, businesspeople and sports fans really want to save the arena, they should encourage Mr. Pollin and BET to work out a mutually agreeable deal to bring the teams to a D.C. arena complex" (WASHINGTON POST, 12/21).
A study by the MILWAUKEE SENTINEL claims a new stadium for the Brewers would "put the team on a more solid economic footing." The study assumes that the stadium would be built by a public authority and the Brewers would pay rent and maintain and make other contributions to the stadium. The SENTINEL's plan proposes raising funds through a sports lottery and a 0.25% tax on restaurant meals -- two options outlined last month by the Greater Milwaukee Committee. Although financing through these means "would fall about $5.9 million short of the annual debt service on bonds needed to build the facility," the shortfall could be made up through "rent and stadium revenue and still leave the Milwaukee Brewers with a positive cash flow." Projections estimate the team drawing 2.6M fans to a convertible- roof stadium with ticket prices similar to Baltimore's Camden Yards. These figures would raise team revenue by $27M. The team is dependant on the city, according to the report: "Even if the Brewers used every dollar of positive cash flow the stadium produced for them, they still could not borrow enough money to finance the stadium themselves." Under the plan, the stadium would be rented to the Brewers by an authority created by the WI Legislature. Brewers General Counsel Wendy Selig-Preib: "We can't do it alone" (Lank & Haudricourt, MILWAUKEE SENTINEL, 12/20).
The Saints recently signed a new lease that will keep them in the Superdome through the year 2018. It also gave the team more revenue from concessions and all revenue from the sale of luxury boxes. Today, we examine the lease of the Saints at the Louisiana Superdome.
STADIUM:Louisiana Superdome, New Orleans, LA
AGE: Completed in 1975. OWNERSHIP: Owned by the State of Louisiana MANAGEMENT: Facility Management of Louisiana (FML) a Spectacor Management Group. COST: $163 million paid for by public bonds. CAPACITY: 68,000 LUXURY SEATS: 128 suites team receives all revenue from the sale of luxury seating. GAME-DAY: Game-day personnel paid for by FML. MAINTANENCE: All maintenance covered by FML. PARKING: 5,400 spots $8 a car Saints receive all revenue. CONCESSIONS: Aramark (ARA) Saints receive 42% of gross revenue. ADVERSTING: FML sells adverstising Saints receive all advertising revenue for their games. LEASE: Expires in 2018 RENT: $900,000 9th lowest in NFL.
(Source: David Weidler, Superdome; rent figure from Florida Times-Union article on July 24, 1994.)
Fairfax County, VA, officials revealed 12 possible sites for a stadium they hope to build for a baseball expansion team for Northern VA. The sites are spread throughout the county, with officials saying an ideal site would be "more than 100 acres, close to a major highway and an existing or planned rail system." A 33-member committee will narrow the list down to "two or three" preferred sites within a month. Loudoun County has also identified two sites for a potential stadium. Outgoing Fairfax Board Chair Tom Davis, who will represent the area in Congress starting in '95, has said the estimated $250M needed for a facility would be paid for "almost completely with money generated by the development" (Eric Lipton, WASHINGTON POST, 12/21).