Despite the Dolphins’ recent playoff drought, Sun Life Stadium’s "three biggest revenue streams -- premium seating, non-NFL events and sponsorships -- all grew in the last fiscal year," according to a report cited by Adam Beasley of the MIAMI HERALD. A report by Fitch Ratings "affirmed the stadium’s BBB debt rating, suggesting that the expectations of default risk are currently low." The data shows that the stadium, which is owned by Dolphins Owner Stephen Ross, is "currently carrying" roughly $210M in debt -- a number "expected to grow" by $100M with the upcoming renovations. Fitch was "bullish on the stadium’s debt situation because its fundamentals are trending in the right direction." Operating revenues "increased" by 8.7% in FY '14, which ended in March. The report shows that premium seating revenue grew 11.9%, as more club seats and suites "were sold on a one-year or single-game basis." Revenue from mega concerts and other events "was up" by 12.5%. South Florida Stadium, LLC did experience a 28.1% spike in operating expenses in FY '14, but that was a "result of 'one-time expenses related to the pursuit of public funding for stadium improvements.'” Those expenses are expected to "fall back to normal levels going forward." The report "supports anecdotal evidence that suggests" the Dolphins' "financial health is improving" (MIAMI HERALD, 11/21).
