Table 8.7A Milwaukee County Stadium -Operating Subsidies and Profitability (1971 -1985)
Year Stadium Operating Profits (Losses), $ Direct Municipal Inflow (Subsidy), $
1971 (244,800) (244,903)
1972 (242,200) (249,673)
1973 (34,800) (34,940)
1974 (74,100) (74,027)
1975 (16,500) (16,505)
1976 (432,700) (255,469)
1977 20,566 (22,078)
1978 856,100 861,100
1979 842,100 523,700
1980 527,900 43,900
1981 (527,400) (493,800)
1982 1,260,533 562,055
1983 1,386,600 700,600
1984 81,300 (823,800)
1985 (908,755) (1,063,874)
Source: Baim 1994
Financial data for Baltimore Memorial Stadium were analysed for the years
1954 to 1985. Municipal total profit for each year represents the municipal
tax revenues generated by the stadium minus direct and indirect public subsidies.
Indirect subsidies mostly comprise foregone property taxes. Table 8.7B shows
that in 25 of the 32 years surveyed the total profit was negative implying a
net subsidy to the stadium. The ANPV associated with these subsidies is $2,
922,206.
Table 8.7B Baltimore Memorial Stadium -Analysis of Subsidies and Profitability (1954-1985)
1
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Page 2
3
Year Municipal Total Profit (Subsidy), $ PV of Profit (Subsidy), $
1954 (108,890) (108,890)
1955 (80,826) (79,678)
1956 (83,707) (80,852)
1957 (51,285) (48,426)
1958 (272,355) (252,207)
1959 (276,418) (248,241)
1960 (142,847) (123,610)
1961 (443,789) (371,058)
1962 (336,402) (271,617)
1963 (346,072) (272,052)
1964 (325,799) (249,358)
1965 (413,680) (308,265)
1966 (114,827) (83,309)
1967 (277,071) (195,716)
1968 (389,457) (263,501)
1969 (349,945) (230,252)
1970 (86,693) (55,471)
1971 (112,807) (70,194)
1972 498,017 301,361
1973 (4,035) (2,349)
1974 33,457 18,705
1975 (35,707) (19,155)
1976 (452,779) (232,796)
1977 (297,662) (148,485)
1978 (263,930) (127,736)
1979 (481,877) (226,271)
1980 155,986 71,063
1981 260,505 115,145
2
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4
1982 408,221 175,062
1983 (476,838) (198,397)
1984 1,059,342 427,630
1985 603,892 236,515
Accumulated Net Present Value (2,922,206)
Source: Baim 1994
Table 8.7C presents an analysis of the financial accounts of Buffalo War
Memorial Stadium for the years 1960 to 1985. The stadium returned an operating
loss in all but 5 of those years and did so without exception in the last 19
years reviewed. The estimate of the public subsidy to the stadium used here
includes the cost of debt service as well as operating losses for the years
1960 to 1985. The present value of those subsidies is estimated at $836,021.
Table 8.7C Buffalo War Memorial Stadium -Analysis of Subsidies and Profitability
(1960-1985)
Year Stadium Operating Profits (Losses), $ PV of Public Subsidy, $
1960 (41,646) 6,909
1961 (30,665) (2,583)
1962 30,122 1,119
1963 14,699 (12,071)
1964 11,675 (11,823)
1965 5,389 (53,767)
1966 13,069 (44,783)
1967 (18,606) (53,157)
1968 (50,922) (61,350)
1969 (67,936) (63,640)
1970 (56,568) (60,481)
1971 (138,414) (88,581)
1972 (151,875) (79,221)
1973 (276,682) (70,463)
1974 (53,482) (54,534)
1975 (22,441) (47,635)
1976 (43,926) (37,896)
3
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5
1977 (42,425) (38,090)
1978 (41,651) (33,594)
1979 (41,092) (30,461)
1980 (39,991) -
1981 (27,708) -
1982 (51,878) -
1983 (48,171) -
1984 (64,202) -
1985 (69,202) -
Accumulated Net Present Value (836,021)
Source: Baim 1994
Table 8.7D reviews the financial accounts of Denver Mile High Stadium for
the years 1968-1989. Again the municipal total profit represents the tax return
to the authorities minus the value of subsidies. While this figure was negative
in 10 of the 22 years surveyed, the project consistently returned a profit to
its public owners in the final 9 years. Nevertheless the ANPV represents a subsidy
of $2, 010,631 over the period reviewed.
Table 8.7D Denver Mile High Stadium -Analysis of Subsidies and Profitability
(1968-1989)
Year Municipal Total Profit (Subsidy), $ Net Accumulated Value, $
1968 (157,284) (157,284)
1969 124,241 117,098
1970 (429,818) (380,309)
1971 (280,351) (233,138)
1972 156,060 121,766
1973 (360,050) (264,155)
1974 (494,859) (340,100)
1975 344,347 222,465
1976 (243,859) (148,124)
1977 (615,640) (351,656)
1978 (25,814) (13,868)
1979 (22,971) (11,610)
4
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6
1980 (2,797,127) (1,330,156)
1981 25,394 11,468
1982 47,914 20,581
1983 25,884 10,592
1984 52,390 20,456
1985 28,148 10,504
1986 48,287 17,248
1987 791,881 249,824
1988 738,486 222,581
1989 690,343 195,187
Accumulated Net Present Value (2,010,631)
Source: Baim 1994
Los Angeles Dodger Stadium is a privately owned facility. The only public
subsidy involved in the project was the cost of providing supporting infrastructure
at the time of construction. Since then the local authority has collected business
and property taxes from the stadium operators. As a result the city has made
a net gain on the project with an ANPV of $7,992,568 as shown in table 8.7E.
Table 8.7E Los Angeles Dodger Stadium -Analysis of Subsidies and Profitability
(1958-1991)
Year Municipal Net Gain (Loss), $ PV of Profit (Subsidy), $
1958 (4,224,144) (4,224,144)
1959 0 0
1960 0 0
1961 146,580 134,063
1962 444,935 394,629
1963 705,704 606,682
1964 759,744 629,643
1965 766,355 612,948
1966 768,445 592,446
1967 780,353 579,224
1968 682,498 487,139
5
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7
1969 728,686 499,641
1970 814,500 537,774
1971 875,475 556,279
1972 864,759 528,485
1973 864,176 507,665
1974 948,461 535,280
1975 969,051 528,559
1976 939,016 495,095
1977 1,129,820 575,940
1978 437,468 215,651
1979 468,425 223,340
1980 470,683 217,099
1981 482,273 215,234
1982 498,727 215,404
1983 608,770 254,508
1984 665,550 267,361
1985 655,762 253,026
1986 655,221 242,740
1987 672,840 239,239
1988 675,006 230,265
1989 709,571 232,140
1990 744,444 233,481
1991 1,250,148 375,734
Accumulated Net Present Value 7,992,568
Source: Baim 1994
Table 8.7F presents a review of financial operations for Robert F. Kennedy
Stadium for those years in which accounts are available. While the ANPV of stadium
subsidies is large at $10,780,339 it is likely to be understated as the years
for which accounts are missing involved considerable operating losses.
Table 8.7F Robert F. Kennedy Stadium -Analysis of Subsidies and Profitability
(1962-1990) 6
6 Page 7 8
Year Stadium Operating Profit (Loss, $) Stadium Net Profit (Subsidy), $ PV
of Profit (Subsidy)
19 62 174,900 (363,956) (389,273)
1963 ---
1964 203,975 (664,956) (616,184)
1965 ---
1966 ---
1967 ---
1968 462,172 (363,956) (282,062)
1969 420,929 (403,388) (298,615)
1970 529,817 (287,011) (203,156)
1971 443,509 (382,563) (258,807)
1972 175,075 (645,512) (417,178)
1973 607,821 (201,588) (124,401)
1974 (127,195) (910,783) (536,439)
1975 110,446 (667,111) (376,713)
1976 375,109 (410,585) (222,359)
1977 136,905 (851,366) (442,325)
1978 (15,543) (836,401) (417,009)
1979 (70,833) (19,901,002) (9,524,566)
1980 (26,020) (14,973) (6,886)
1981 292,769 330,648 145,529
1982 (219,953) (126,569) (53,311)
1983 1,784,708 1,921,479 774,468
1984 1,266,439 1,524,793 588,059
1985 492,758 744,749 274,807
1986 1,147,694 1,397,877 492,793
1987 1,014,294 1,284,684 432,599
1988 11,950 378,762 121,805
1989 575,437 1,043,213 320,332 7
7 Page 8 9
1990 293,668 811,618 238,554
Accumulated Net Present Value (10,780,339) Baim (1994)
The financial operations of Anaheim Stadium are reviewed in table 8.7G. The
stadium operation has been profitable in every year for which accounts are available.
Municipal net profit represents the rents and taxes received by the authorities
less the value of direct and indirect subsidies. While the stadium has been
profitable for its public owners in 5 of the last 8 years reviewed the ANPV
of all subsidies is $4,268,715.
Table 8.7G Anaheim Stadium -Analysis of Subsidies and Profitability (1967-1991)
Year Stadium Operating Profit (Loss), $ Municipal Net Profit (Loss), $ PV of Profit (Loss)
1967 551,444 (808,076) (808,076)
1968 682,909 (590,385) (560,191)
1969 586,551 (851,456) (766,590)
1970 511,079 (405,161) (345,532)
1971 414,221 (534,710) (432,774)
1972 314,076 104,198 79,990
1973 324,838 (1,005,304) (732,418)
1974 469,390 (1,238,255) (856,891)
1975 176,056 (67,404) (44,322)
1976 441,022 (845,632) (528,566)
1977 494,629 (119,318) (70,921)
1978 529,000 1,493,344 844,385
1979 1,315,000 (336,156) (180,884)
1980 979,000 390,844 199,973
1981 3,147,000 (471,156) (229,867)
1982 2,623,000 (515,156) (239,798)
1983 -(346,156) (153,589)
1984 -613,844 260,132
1985 3,375,000 500,844 203,179
8
8
Page 9
10
1986 4,306,000 343,844 132,669
1987 3,029,000 997,844 355,218
1988 2,553,000 310,844 105,296
1989 3,610,000 (530,156) (171,278)
1990 4,546,000 (530,156) (165,936)
1991 -(530,156) (161,924)
Accumulated Net Present Value (4,268,715) Baim (1994)
Financial data for Atlanta-Fulton County Stadium for the years 1967-1991
are presented in table 8.7H. The stadium failed to return a profit to its public
owners in any of the 22 years reviewed. This implies substantial direct and
indirect public subsidies to the stadium and the ANPV of these is estimated
to be $16,547,623.
Table 8.7H Atlanta-Fulton County Stadium -Analysis of Subsidies and Profitability (1966-1987)
Year Municipal Net Profit (Subsidy), $ PV of Profit (Loss)
1966 (1,156,557) (1,167,240)
1967 (420,480) (411,078)
1968 (1,107,421) (1,012,870)
1969 (1,157,549) (1,007,232)
1970 (1,218,616) (1,008,298)
1971 (1,2992,435) (1,026,704)
1972 (1,029,772) (782,333)
1973 (1,110,423) (802,112)
1974 (935,910) (647,860)
1975 (975,144) (647,172)
1976 (1,435,625) (899,205)
1977 (1,242,701) (747,737)
1978 (1,317,681) (756,704)
1979 (1,186,157) (654,365)
1980 (1,073,329) (568,988)
1981 (774,245) (399,165)
9
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11
1982 (953,155) (468,115)
1983 (769,923) (367,733)
1984 (1,118,448) (500,952)
1985 (727,956) (316,911)
1986 (2,248,493) (904,207)
1987 (3,801,074) (1,450,643)
Accumulated Net Present Value (16,547,623)
Source: Baim 1994 Table 8.7I reviews the financial status of Oakland-Alameda
Coliseum Complex. Municipal profit (loss) here represents the value of contributions
to public funds from the operation of the complex less the payment of debt service.
In recent years the authorities have allocated a sum of $1,500,000 annually
for the cost of debt service. The ANPV of the implied subsidies is $10,534,636.
Table 8.7I Oakland-Alameda Coliseum Complex -Analysis of Subsidies and Profitability
(1967-1991)
Year Municipal Profit (Loss), $ PV of Profit (Loss)
1967 (1,500,000) (1,500,000)
1968 (1,500,000) (1,423,285)
1969 (1,500,000) (1,350,493)
1970 (1,500,000) (1,279,238)
1971 (1,392,428) (1,126,979)
1972 (1,097,930) (842,856)
1973 (740,664) (539,614)
1974 (704,380) (487,442)
1975 (205,270) (134,977)
1976 173,990 108,753
1977 (440,404) (261,769)
1978 528,212 298,668
1979 55,080 29,638
1980 570,180 291,729
1981 688,790 336,047
10
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12
1982 552,414 257,141
1983 273,349 121,284
1984 63,842 27,055
1985 80 32
1986 (1,500,000) (578,762)
1987 (1,500,000) (549,422)
1988 (1,500,000) (521,470)
1989 (1,500,000) (494,846)
1990 (1,500,000) (469,492)
1991 (1,500,000) (444,338)
Accumulated Net Present Value (10,534,636)
Source: Baim 1994
In table 8.7J a detailed financial analysis of Jack Murphy Stadium is presented.
The stadium returned an operating profit and generated significant tax revenues
in all of the 23 years reviewed. However the cost of debt service gives rise
to substantial municipal outlays and consequently the total revenue provided
by the public investment was negative in all but 4 of the years reviewed. The
ANPV of the implied subsidies is estimated at $9,000,723.
Table 8.7J Jack Murphy Stadium -Analysis of Subsidies and Profitability (1968-1990)
Year Stadium Operating
Profit, $ Municipal Outlays, $ Municipal Tax Revenue From Stadium, $
Total Revenue (Subsidy), $ PV of Receipt (Subsidy), $
1968 155,200 (447,063) 121,993 (355,070) (355,070)
1969 230,500 (1,165,750) 129,780 (1,035,970) (967,925)
1970 289,200 (1,232,050) 138,064 (1,093,986) (946,066)
1971 283,500 (1,237,750) 146,877 (1,090,873) (878,457)
1972 246,500 (1,274,750) 156,252 (1,118,498) (840,129)
1973 193,100 (1,328,150) 166,225 (1,161,925) (812,312)
1974 106,000 (1,415,250) 176,835 (1,238,415) (797,445)
1975 60,700 (1,460,550) 188,123 (1,272,427) (752,869)
1976 258,900 (1,262,350) 200,131 (1,062,219) (579,630)
1977 10,700 (1,510,550) 212,905 (1,297,645) (655,524)
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13
1978 329,400 (1,191,850) 226,494 (965,356) (448,508)
1979 215,800 (1,305,450) 240,952 (1,064,498) (451,127)
1980 544,300 (976,950) 256,331 (720,619) (272,819)
1981 1,059,100 (462,150) 272,693 (189,457) (62,824)
1982 1,148,100 (373,150) 290,099 (83,051) (24,202)
1983 1,130,000 (391,250) 308,616 (82,634) (21,493)
1984 1,636,600 115,350 328,315 443,665 102,384
1985 1,696,932 (885,118) 350,299 (534,819) (123,420)
1986 2,217,661 (354,417) 372,658 18,241 4,209
1987 1,643,107 (938,943) 370,472 (568,471) (131,185)
1988 1,635,045 (947,005) 392,700 (554,305) (127,916)
1989 2,217,661 (364,389) 416,262 51,873 11,971
1990 2,702,559 120,509 441,238 561,747 129,634
Accumulated Net Present Value (9,000,723)
Source: Baim (1994)
Similarly Cincinnati Riverfront Stadium returned an operating profit in
all but 2 of the 21 years reviewed in table 8.7K and generated substantial tax
revenues. However the substantial size of direct and indirect subsidies tends
to offset this contribution to public funds and the ANPV of subsidies over the
period reviewed is $4,846,388.
Table 8.7K Cincinnati Riverfront Stadium -Analysis of Subsidies and Profitability
(1969-1989) Year Stadium Operating
Profit (Loss), $ Direct Municipal Subsidy, $ Municipal Tax Revenue From Stadium,
$ Total Municipal Profit (Subsidy), $ PV of Profit (Subsidy), $
1969 -(2,547,103) 0 (2,588,140) (2,588,140)
1970 1,212,000 0 878,787 741,931 692,876
1971 147,000 0 757,809 629,262 549,416
1972 2,131,000 (1,850,000) 804,506 (1,202,563) (984,407)
1973 2,230,400 (1,850,000) 968,307 (1,028,194) (785,872)
1974 1,700,500 0 598,471 443,390 318,506
1975 2,056,700 (800,000) 1,089,926 143,679 96,413
1976 2,487,800 (1,000,000) 1,216,213 1,782 1,116
12
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14
1977 2,546,900 (1,000,000) 1,171,818 (33,809) (19,758)
1978 2,129,900 (1,000,000) 1,187,044 (100,178) (54,582)
1979 2,447,100 0 1,110,792 823,088 417,830
1980 1,194,100 (4,200) 1,563,003 1,224,094 578,577
1981 (493,844) (880,226) 723,175 (466,565) (207,160)
1982 861,837 (1,007,719) 851,395 (455,585) (190,204)
1983 960,012 (1,428,675) 886,447 (871,326) (342,368)
1984 (715,128) (1,558,995) 1,255,499 (666,206) (246,599)
1985 760,374 (2,259,726) 1,288,580 (1,337,247) (466,736)
1986 284,000 (2,496,000) 1,210,635 (1,652,580) (540,071)
1987 557,000 (2,561,000) 1,421,368 (1,502,370) (459,721)
1988 2,401,000 (3,283,000) 1,421,368 (2,148,248) (615,504)
1989 1,652,000 (3,240,000) ---
Accumulated Net Present Value (4,846,388)
Source: Baim (1994)
Table 8.7L shows that Foxboro Stadium in Massachusetts failed to earn a
positive return for its public owners in the 20 years reviewed. The total profit
here includes admissions tax less the value of property tax foregone. The ANPV
of the implied subsidy is estimated to be $1,027,593.
Table 8.7L Foxboro Stadium -Analysis of Subsidies and Profitability (1971-1990)
Year Municipal Total Profit (Subsidy), $ PV of Profit (Loss)
1971 (68,269) (68,269)
1972 (76,281) (71,950)
1973 (81,344) (71,049)
1974 (80,575) (65,278)
1975 (81,742) (61,459)
1976 (87,926) (61,217)
1977 (93,424) (60,098)
1978 (97,126) (57,599)
1979 (94,022) (51,289)
13
13
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15
1980 (84,865) (42,525)
1981 (80,667) (37,503)
1982 (86,487) (37,320)
1983 (100,945) (40,445)
1984 (113,586) (42,221)
1985 (128,080) (44,233)
1986 (298,183) (95,448)
1987 (329,823) (95,562)
1988 (25,125) (6,986)
1989 (36,303) (9,222)
1990 (33,656) (7,923)
Accumulated Net Present Value (1,027,593)
Source: Baim 1994
Table 8.7M presents details of the financial operations of Rich Stadium
for the period 1977-1986. Direct and indirect municipal outlay represents here
the sum of total debt service and foregone property taxes. When this is subtracted
from the revenues which the stadium generates it is found that the project failed
to return a profit for its municipal owners in any of the 10 years reviewed.
The ANPV of the implied subsidies is $16,454,233.
Table 8.7M Rich Stadium -Analysis of Subsidies and Profitability (1977-1986)
Year Total Municipal Revenue, $ Direct & Indirect Municipal Outlay, $ Total
Profit (Subsidy), $ PV of Profit (Loss)
1977 628,680 2,867,031 (2,238,351) (2,072,163)
1978 669,690 3,349,991 (2,680,301) (2,282,075)
1979 827,342 3,471,872 (2,644,530) (2,053,835)
1980 1,074,688 3,673,484 (2,598,796) (1,803,034)
1981 1,138,490 3,801,123 (2,662,633) (1,618,047)
1982 739,202 3,864,789 (3,125,587) (1,669,196)
1983 954,285 3,855,222 (2,900,937) (1,382,741)
1984 845,262 3,880,942 (3,035,680) (1,283,796)
1985 763,161 3,922,614 (3,159,453) (1,199,731)
1986 1,122,846 3,992,313 (2,869,467) (1,089,615) 14
14 Page 15 16
Accumulated Net Present Value (16,454,233)
Baim (1994)
Table 8.7N presents financial data for the Louisiana Superdome for those
years in which accounts are available. Where a figure is available for operating
losses this is represented as the direct municipal subsidy for that year. No
data is available on operating profit or loss for the period 1985-1990 so in
the likely event that the stadium continued to lose money the ANPV is underestimated
at $47,729,356.
Table 8.7N Louisiana Superdome -Analysis of Subsidies and Profitability (1975-1990)
Year Direct Municipal Subsidy, $ Direct & Indirect Municipal Subsidy, $
PV of Profit (Loss)
1975 (7,000,000) (8,177,768) (8,177,768)
1976 (7,000,000) (8,248,434) (7,562,514)
1977 (8,000,000) (9,323,340) (7,770,090)
1978 (6,110,000) (7,512,741) (5,689,312)
1979 (3,670,000) (5,156,905) (3,532,501)
1980 (3,130,000) (4,706,119) (2,919,475)
1981 (3,480,000) (5,150,687) (2,894,774)
1982 (1,270,000) (3,040,928) (1,555,521)
1983 (2,240,000) (4,117,183) (1,931,908)
1984 (650,000) (2,639,814) (1,138,960)
1985 -(2,109,203) (875,568)
1986 -(2,235,755) (798,663)
1987 -(2,361,297) (768,153)
1988 -(2,486,839) (736,721)
1989 -(2,612,380) (704,774)
1990 -(2,737,922) (672,655)
Accumulated Net Present Value (47,729,356) Baim (1994) The financial
operations of the Minneapolis Metrodome for the period 1982-1991 are reviewed
in table 8.7O. The stadium earned an operating profit for its public owners
in each of the 10 years reviewed. The cost of debt service was successfully
met by operating revenues 15
15 Page 16
and tax levies early in the life of the project. Consequently the ANPV of subsidies
is minor at $43,500.
Table 8.7O Minneapolis Metrodome -Analysis of Subsidies and Profitability
(1982-1991)
Year Municipal Operating Profit (Subsidy), $ PV of Profit (Subsidy)
1982 1,947,552 (3,263,819)
1983 23,223,574 (2,777,193)
1984 4,470,633 6,047,810
1985 3,802,761 (36,522)
1986 3,455,455 (13,776)
1987 5,224,274 0
1988 8,224,893 0
1989 6,148,930 0
1990 5,472,771 0
1991 6,831,656 0
Accumulated Net Present Value (43,500)
Source: Baim 1994
16