Anybody want to read a stupid article? Sure you do! Here, let’s start with the headline:
UNLV stadium could generate up to $13.9 million in profits, report says
As a refresher, that’s the domed college football stadium that University of Nevada–Las Vegas wants to build, and wow, that would be a pretty impressive profit for a stadium costing several hundred million dollars at a school whose football team can’t win games or draw flies. How would it manage that, exactly?
An enclosed stadium would create $23.1 million to $26.3 million in total annual income, while total expenses to operate the retractable-roof or domed venue would be $11 million to $12.4 million, according to the draft prepared by Dallas-based consultant CSL.
Meanwhile, an open-air stadium would generate $15.9 million to $18.1 million in total annual income, while expenses would be $8.9 million to $9.9 million, according to the report.
So, wait, it would just generate $13.9 million in operating profits, then? In other words, not counting the cost of building the damn thing in the first place? How much would that be, anyway?
The consultant also tweaked the proposed costs for the retractable roof stadium, ratcheting it up to $714 million from a previous projected cost of $682 million.
The last previous projected cost I recorded was $900 million, but no matter: Either way, we’re talking about close to $50 million a year in debt payments, which would eat up that $13.9 million in profits and then rampage across the university’s budget like you know who. Unless, of course, the university finds a way to fob off the construction costs on somebody else, which is just what UNLV is trying and so far failing to do.
Anyway, surely this stupid article somewhere mentions that the stadium would need to be paid for, which overall would leave it awash in red ink, right?
“It’s nice to see that the (proposed UNLV) stadium is in the black.” said [stadium board member Kirk] Hendrick, chief legal officer for Ultimate Fighting Championship, the Las Vegas-based MMA fight show and promotion company. “Otherwise, it would be a short conversation.”