At Thursday morning's meeting of the Metropolitan Sports Authority, the Nashville Predators and arena management arm Powers Management will boast of Bridgestone Arena's $410 million impact on the Nashville economy.
Predators President and COO Sean Henry will present the executive summary of a study prepared by Bob Leib of Leib Advisors, a Wisconsin-based consultancy. The Predators commissioned the study — the first of its kind on the arena since it opened — ahead of incentive renewal negotiations with Metro.
In addition to the $410 million claim, the study (download it here) says:
- "Since the local ownership group saved the franchise and new incentives were put in place in 2007, state and Metro tax revenue generated by Bridgestone Arena has totaled $73.7 million. With a cumulative return of $25 million to the public sector and a net economic impact of $410 million to the community, the public sector has achieved returns on its investment in excess of 3:1 and 30:1 respectively."
- "More than 2,350 jobs are supported annually by the Nashville Predators and Bridgestone Arena."
- "If the Predators and Powers Management had left Nashville in 2007, the cumulative cost to the public sector would be $28 million. At the same time, the annual debt service on Bridgestone Arena would have continued, at a cost to Metro over the period of roughly $20 million."
Using credit card data, Leib's study shows 65 percent of arena visitors are from outside of Davidson County, including 84 percent of concert ticket buyers and more than 57 percent of Predators' ticket buyers. Bridgestone also draws a significant number of out-of-state customers: More than 39 percent of concert ticket buyers are not from Tennessee. For Predators' ticket buyers, that numbers is nearly 11 percent.
"This phenomenon creates a pure economic impact to Davidson County in that the dollars spent by out-of-county visitors would not have been spent here otherwise," the summary reads.
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