SBD/Issue 19/NHL Season Preview

MLSE Unveils C$500M Maple Leaf Square Mixed-Used Development

Maple Leaf Square Features Condo Towers, Hotel,
Office Space, Apparel Store And Sports Bar

Maple Leaf Sports & Entertainment yesterday in Toronto unveiled Maple Leaf Square, a "gleaming property development project," according to Shi Davidi of the CP. The C$500M development "features two condo towers, a hotel, office space, a team apparel store and an acclaimed sports bar," and the unveiling "underlined MLSE's business savvy." The two condo towers "are already fully sold, office space completely leased and the area adjacent to the Air Canada Centre transformed from parking lot to money-making locale." Davidi noted MLSE has "taken some shots in recent months," as "many say the company knows how to make money, not build winning teams." By "continually missing the playoffs, MLSE is missing out on that annual windfall, something that became obvious when post-season revenue was removed from the budgetary process." MLSE President & CEO Richard Peddie said, "We have really reduced our dependency on playoffs. In the pre-cap era we averaged almost six playoff games a year, and you just do the math on that, that's a healthy dollar amount" (CP, 10/6).

NAME CHANGE: In Calgary, Mario Toneguzzi reports the sign for Pengrowth Saddledome yesterday was taken off the arena “amid speculation a new name will be announced soon.” Speculation is that the new moniker “will be associated with Scotiabank.” Pengrowth’s 10-year deal for naming rights to the building expired in June. Flames President & CEO Ken King: “The subject of naming rights will become much more prominent in the next couple of days. I will not confirm any speculation.” King added that the media “will receive notification soon -- perhaps in the next day -- regarding the naming rights” for the venue (CALGARY HERALD, 10/7).

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