Pacers Sports & Entertainment ended FY '17 with $13.2M in revenue from non-Pacers and non-Fever events at Bankers Life Fieldhouse, which is the "highest since the arena opened" in '99, according to Anthony Schoettle of the INDIANAPOLIS BUSINESS JOURNAL. The success is "thanks in part to an increase in lucrative events -- including concerts, professional wrestling and college basketball." PS&E’s management of the arena is part of a $160M deal with Indianapolis that is "meant to keep the team in town" through the '23-24 season. PS&E officials are "planning to ask the city to pay for big improvements to the arena." That means "giving event promoters financial guarantees and perks in exchange for a cut of sales." If an event goes well, PS&E can "reap big rewards," and recently, the risks have been "paying off." Schoettle notes Bankers Life Fieldhouse revenue climbed from $6.78M during FY '15 to $8.67M in FY '16 "to a record" $13.23M in FY '17. The arena hosted 25 concerts in '17, which is "up from 17 the prior year and 16" during FY '15. The arena has already hosted 11 concerts in FY '18, with "another 10 concerts booked." Meanwhile, Pacers officials are "in the early stages" of talking to the city’s Capital Improvement Board about improvements to the arena, although they "haven’t specified what they want or how much it will cost." Some city officials have "speculated the team will want to add more social gathering spaces and modernize the building." Pacers President & COO Rick Fuson said that it is "too early to determine a timeline or cost estimate on potential improvements" (INDIANAPOLIS BUSINESS JOURNAL, 10/30 issue).
