Yankees Still Want To Be Under Luxury Tax FIFA Increases World Cup Prize Money Francesa: Simulcast Will Not Go To CBSSN Heat Ink Deal With Mayors Jewelry Stores Stu Jackson Joining NBA TV SiriusXM, NBA Launching New Channel Silva Leaving ATP To Join Federer's Agency Executive Transactions MMF: Autosports And The Fan Experience
SBD/March 16, 2011/FacilitiesPrint All
Football is the public focus of a bid by AEG to "add a downtown stadium to its portfolio of arena, hotel and theater venues adjoining" the L.A. Convention Center, but the project also "rests heavily on a hope that a simultaneous overhaul and expansion of the center itself will lift the city into the top ranks of the nation's conference destinations," according to Mehta & Connell of the L.A. TIMES. Some convention experts and L.A. tourism officials are “optimistic that AEG's plan to move a wing of the Convention Center to create room for the stadium would make Los Angeles more attractive to event planners.” But others said that the project “would have to overcome a number of substantial hurdles.” It remains unclear whether the stadium project “would be profitable without a big increase in convention business.” AEG President & CEO Tim Leiweke's “pitch is that reworking the Convention Center and integrating the new stadium into the operation could double the number of conventions lured to the city, adding an average of more than one new event per month.” But AEG and convention officials “set a less ambitious goal last week, telling a city panel they hope to add four to six new conventions a year.” Consultant Steven Spickard said that the “most coveted large conventions, such as medical groups, often rotate around the country and may return to a venue only every three to five years.” He added that “to get the 16 new conventions a year Leiweke has suggested, the center might need to land 45 to 60 major conventions on a recurring but not annual basis.” Mehta & Connell note two convention centers that use football stadiums for extra space -- Indianapolis and Atlanta – “illustrate the challenges” AEG could face. Indianapolis' Lucas Oil Stadium “added 183,000 square feet of exhibition space to its convention center's 566,000 square feet of floor space.” But Indianapolis Convention & Visitors Association Dir of Communications Chris Gahl said that the stadium is “off limits during about 47 training and game days” during the Colts' season. The Falcons' Georgia Dome “added 102,000 square feet of exhibition space to its sprawling convention display areas, already the nation's fourth largest.” But Georgia Dome Communications & PR Specialist Jason Kirksey said that it is “rarely used for such gatherings, because convention planners prefer the contiguous space next door at the Georgia World Congress Center” (L.A. TIMES, 3/16).
In Indianapolis, John Murray reports Lucas Oil Stadium “will partially close to events for four months to replace rusted and corroded steel piping” in the “latest potential construction error to beset” the three-year-old facility. Indiana Stadium & Convention Building Authority spokesperson David Sease said that the authority “doesn't consider the repair work required since the stadium's 2008 opening to be beyond the scope of usual fixes that come with any large project.” ISCBA Exec Dir John Klipsch said that the cost “is expected to be covered by bonding, warranties and insurance” (INDIANAPOLIS STAR, 3/16).
HOME LOAN: In Memphis, Amos Maki reports the city’s Division of Housing and Community Development “may ask for a $25 million loan from the city’s Capital Improvement Program budget for improvements to the Mid-South Fairgrounds and Liberty Bowl Memorial Stadium, including demolition of the Mid-South Coliseum and installation of new luxury suites and JumboTron video screens.” HCD Dir Robert Lipscomb yesterday said that the loan “would be repaid through increased retail sales at a planned ‘urban retail village’ on the fairgrounds site.” But “several council members questioned the wisdom of approving such a large loan -- $25 million is more than one-third of the city’s CIP budget for the next fiscal year -- without first studying what type of retail demand the fairgrounds could support” (Memphis COMMERCIAL APPEAL, 3/16).
NOT HITTING THE JACKPOT: In Baltimore, Hanah Cho notes some Maryland lawmakers yesterday questioned “why slot machine revenue allocated for racetrack improvements should be diverted to help fund the day-to-day operations of the Maryland Jockey Club.” State law requires the MJC to “submit audited financial reports annually, but the racetrack operator failed to provide them in 2008 and 2009 because of the bankruptcy of the tracks' then-owner, Magna Entertainment Corp.” The MJC recently filed statements for those two years, revealing it lost more than $14M in '09 and $12M in '08 (Baltimore SUN, 3/16).