So the city of Las Vegas hasn’t taken my advice yet to ask an arena manager whether the Cordish Cos.’ arena revenue projections make any damn sense, but Benjamin Spillman of the Las Vegas Review-Journal did, and here’s what he found:
Guy Hobbs, an economic consultant who has worked on other major local event venue proposals, said Cordish’s expectation of attracting nearly 140 events annually is overly optimistic, meaning the project would have to balance out with income from far fewer events.
“Would have to balance out with income from far fewer events” is a bit of an optimistic way of putting it itself; what this really means is either Cordish would need to make far more money per event, or the city wouldn’t get its money back. Spillman reports that Hobbs says “he generally supports an arena but considers it unlikely that Cordish’s ‘best in class’ facility can be built without some public money,” but as to how much, nobody’s saying just yet.
Meanwhile, Spillman also reports that several local business leaders, plus three of seven city councilmembers, oppose the Cordish plan, and think the city should drop it and move on. Which may yet happen if after this latest four-month negotiating extension no one has found any magic beans to pay off the arena with, but this being Vegas, the land that can’t have too many arena proposals, we’ll see.