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DENVER GIVES UP ITS SEAT AND ASCENT LOOKS TO CASH IN
Published October 7, 1997
Ascent Entertainment will earn "about" $4M more a year from Avalanche and Nuggets ticket sales at the new Pepsi Center arena because "it won't have to pay" Denver's 10% seat tax, according to Kevin Flynn of the ROCKY MOUNTAIN NEWS. Since it will build the arena, Ascent "can bank that money, and use it to help meet the debt" of the proposed $160M arena. While Ascent "wants to break ground" in three weeks, a full agreement is expected this month which "calls for city subsidies in the form of property tax elimination and sales tax givebacks. But Ascent will privately secure the bulk of the financing" (ROCKY MOUNTAIN NEWS, 10/6).