Wednesday, January 15, 2014

Sprint Center Sorta Pays Off For Kansas City



Amid a great deal of propaganda out there right now . . . A bold claim for the Sprint Center stands out . . .

Remember, the Sprint Center is a big piece of the so-called Downtown Renaissance . . .

So far . . .

- The Sprint Center hasn't helped make the P&L District into any less of a money loser.

- The Sprint Center makes life more expensive in KCMO for anybody renting a car.

- Kansas City favorite arena mostly hosts b-listers and return trips from pop metal band Nickelback . . .

On the bright side, here's what the Sprint Center did accomplish:

KC earned $1.47 million from the Sprint Center, the eighth-busiest U.S. arena in 2013

Still, any revenue coming into KCMO is a good thing and we look forward to the princely sum that might even pay for a few footsteps of rail for the toy train.

Developing . . .

14 Comments:

Anonymous said...

I think the "profit" might not pass accounting standards. They forgot to include the tens of millions spent each year on bond payments. Then there will be the substantial remodel after the original bonds are paid off. Then in another 20 years they will tear it down and build a new arena to lure that NBA team.

Anonymous said...

Give me the $225 million the City spent and I'd gladly return $1.47 million per year over 35 years. Hell, I'd even return $2 million- GUARANTEED!!!

Anonymous said...

Let's include the $14 million loss on the P&L District.

Anonymous said...

Let's include the $14 million loss on the P&L District.

william wilburfuckmegood said...

i agree, we should include the $14 mil for the p&l. not a moneymaker. time to nuke the truman sports complex, a den of loserdom for the past 25 years, and bring some hockey or basketball to sprint center.

Anonymous said...

$225 million spent, $2 million returned? That's a 0.8% return. You can get that in a savings account at the worst bank in town.

Inflation has averaged about 2% for many years. So the city is LOSING money since they're not even returning the rate of inflation.

Then you have the fact that the interest rate on the bonds is far greater than 0.8% and the Sprint Center didn't return ANYTHING. It LOST money.

Anonymous said...

By any accepted measure the Sprint Center loses money. Only the idiots that run KCMO can claim otherwise with a straight face.

Anonymous said...

There's an old saying that goes something like, "if you torture numbers enough they'll tell you anything you want to hear".

I'd question how much money the city is REALLY making/losing off of Sprint Center once you factor in the cost of bonds, and just the general cost of the "downtown renaissance" itself. Less than $2 million last year seems a bit unbalanced considering it cost about $275 million when it was all said and done. I'm curious how much AEG profited off of Sprint Center compared to the city's kick back.

MJ said...

It's a ripoff.

I'm too scared of those AEG guys to come out of hiding and say it publicly though.

Anonymous said...

Do the Chiefs and Royals stadiums send the city money?

Anonymous said...

How many shows can we get Bieber or whatever flavor of the month the teens girls are into these days to sign up for?

Two? Three?

Warren Buffett.................. said...

Brilliant. Spend 300 mil to build Sprint Center and it turns 1.47 in it's prime. Yeah, it will pay out in 2140 at that pace.

Anonymous said...

Is that Light Rail going to go through the Sprint Center so we can get drunk in Westport and then ride the train down to the Big Game.

Anonymous said...

Only people getting tickets to a Sprint event are blowing somebody at TicketMaster or AEG. Otherwise Craig Glazer could not afford a ticket. Fucking thieves.