Whether it’s football, baseball, soccer, hockey or motorsports, a state-of-the-art sports venue enhances the experiences for the fans, teams, players and sponsors alike. It can also enhance the surrounding communities by creating a synergy between the new residents, companies and visitors to the area while generating nearby commercial and economic development opportunities.
A prime example is the $455.7 million, 1.7-million-square-foot, University of Phoenix Stadium completed in 2006. It’s the home of the Arizona Cardinals and annual Tostitos Fiesta Bowl, which each generate $150 million in economic impact annually, according to the stadium’s owner – the Arizona Sports & Tourism Authority.
In the past few years, it has hosted some of the largest and most publicized sporting events like two Super Bowls, two College Football Championship Games and the 2017 NCAA Final Four Tournament. The Phoenix Local Organizing Committee reports, the events hosted at the stadium since it opened 11 years ago have generated well over $5 billion in total economic impact, which includes $1.3 billion in the last three-years alone.
“Mega sporting events are a huge benefit to Arizona’s economy, generating millions in revenue and tax dollars and providing incredible national and international media exposure for our state,” explains Gov. Doug Ducey in a statement with PLOC’s findings. “And they foster community pride as residents come together to celebrate the spirit of elite athletic competition.”