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Public Dollars, Private Stadiums Presentation

Public Dollars, Private Stadiums Presentation - Public...

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Public Dollars, Private Stadiums Kevin Delaney and Rick Eckstein
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Main Questions In the face of much economic research suggesting investing tax dollars in sports stadiums is not a wise investment, why do cities and states continue to pursue this strategy? Who are the proponents of public funding of stadiums? Who are the opponents of public funding of stadiums?
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Questions (cont) Which cities embrace public funding, which resist and why? Which cities more easily gain public funding for stadiums and why? In which cities does the process result in high public subsidies and in which cities are public subsidies more limited? What is the political process for using tax money for stadiums? What are the justifications used for doing this?
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Cities/Stadiums Covered Hartford, CT (Patriots, NFL) Philadelphia, PA (Phillies, MLB; Eagles, NFL) Pittsburgh, PA (Pirates, MLB; Steelers, NFL) Cincinnati, OH (Reds, MLB; Bengals, NFL) Cleveland, OH (Indians, MLB; also touch on Cavs, NBA Arena) Minneapolis, MN (Twins, MLB; Vikings, NFL) Denver, CO (Rockies, MLB) Phoenix, AZ (Diamondbacks, MLB) San Diego, CA (Padres, MLB)
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Why these cities? All were actively pursuing stadiums during the time period of the research (1998- 2002) Cities chosen in an attempt to study the variety of processes (some “successful” attempts and some that “failed”– this proved elusive) Chosen to ensure some geographic representation
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Stadiums and Not Arenas The economics of stadiums and arenas are very different Most (though not all) arenas are built without public subsidies
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Why do teams want new stadiums? The movement to replace dual purpose stadiums with single purpose stadiums Includes aesthetic/economic reasons of size and scale The desire “to control a facility” The opportunity to gain new revenues Honeymoon effect on attendance The possibility of creating more luxury seating (boxes, but more importantly “Club seating”; possibility of PSLs) The chance to capture more “revenue streams” (parking, naming rights, signage, concessions)
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Why teams want new stadiums (cont).
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