Revenues at the Dolphins' Hard Rock Stadium were up 11% in FY '15, a sign that Owner Stephen Ross’ half-billion dollar investment is "already paying dividends," according to Adam Beasley of the MIAMI HERALD. Data from Fitch Ratings, a Big Three credit rating agency, showed that the stadium is "making appreciably more money with some 10,000 fewer seats, suggesting the team is cashing in on its luxury products like Hard Rock’s living room boxes and posh 72 Club." That growth should only "continue in the years to come." Fitch’s '15 assessment "did not include" the team’s 18-year, $250M naming rights agreement with Hard Rock. Meanwhile, construction over the last two years has "eliminated many of the non-football events that the Dolphins plan to host going forward." But that will change next year, as "evidenced by the Coldplay concert scheduled for Hard Rock" in August '17. Of the $500M renovation, $350M came from Ross’ coffers, $100M was borrowed from the Miami-Dade County Industrial Development Authority and another $50M from the NFL’s G-4 program. Fitch "expects Ross to cover any construction overruns" (MIAMI HERALD, 11/7).
