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November 21, 2012

Virginia Beach City Council briefed on proposed arena financial impact

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The results of two studies into the feasibility of an arena in Virginia Beach were presented to the City Council today.  The studies, which were requested by City Council, were conducted by BARMAC, Inc. and independently by Convention, Sports and Leisure International (CSL, Inc.).  They determined that:
1. The arena would be a financial boon to the city and the region, producing $92 million in net new spending for Virginia Beach, $152 million in total output and create 1,230 jobs.  Net new fiscal impact was projected at $8.9 million annually.  This is an increase over the $5.2 million estimate provided by Dr. James Koch, which was based on earlier assumptions in a study by Comcast-Spectacor.
2. Demographically, the Virginia Beach market is comparable to many existing major-league sports markets.
3. The factual assumptions from Comcast-Spectacor, embodied in the Koch report, are largely on target.
4. Southeast Virginia lacks a large state-of-the-art venue.  Creating one would open the market to many large shows and sporting events.
5. The city is on the right track.  There is still a lot of work to do as Virginia Beach negotiates with potential partners.

Mike McGee, President of BARMAC, Inc. said “The Virginia Beach market holds great promise for a project of this magnitude.  Not only would an arena attract entertainment options that are now unable to appear in this area, but the economic boost to the region would be significant.”

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