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(The Business Journals)   Rams stadium project now costing in excess of $4 billion   ( bizjournals.com) divider line
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786 clicks; posted to Sports » on 17 May 2018 at 11:20 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-05-17 09:25:58 AM  
Hahahahahaha. Suck it, LA.

/St. Louis resident
//Inglewood, always up to no good
 
2018-05-17 09:39:05 AM  

Uncle Eazy: Hahahahahaha. Suck it, LA.

/St. Louis resident
//Inglewood, always up to no good


I don't think Louisiana is paying for it.

Nor do I think L.A. is paying for it.

Pretty sure it's privately financed.
 
2018-05-17 11:19:56 AM  
I was assured that all the suckers going to Las Vegas were going to pay for this nonsense.

Oh, wait, sports gambling just went nationwide?

Sucks to be you!
 
2018-05-17 11:20:34 AM  
Oh, wait, Rams.

/needs a lot more covfefe
//not a raiders fan
 
2018-05-17 11:24:37 AM  

Uncle Eazy: Hahahahahaha. Suck it, LA.

/St. Louis resident
//Inglewood, always up to no good


Nope...
"The privately financed stadium is the centerpiece of a 298-acre mixed-use development in partnership with San Francisco-based Stockbridge Capital Group that will include entertainment, retail and office space."
http://www.latimes.com/sports/la-sp-n​f​l-rams-financing-20160120-story.html
 
2018-05-17 11:27:53 AM  

Uncle Eazy: Hahahahahaha. Suck it, LA.

/St. Louis resident
//Inglewood, always up to no good


I am sure LA is happy to suck up a rich guy's money.

/they aren't desperate enough to have a team that they will build them a stadium and sign a god awful lease
 
2018-05-17 11:32:51 AM  

Marcus Aurelius: Oh, wait, Rams.

/needs a lot more covfefe
//not a raiders fan


even still, sports gambling is nothing to Vegas.

Nevada sports book operators won $248.8 million from sports betters last year or about 5 percent of what was bet. Sports betting was only 2.5 percent of the total $11.6 billion gambling revenue for the state in 2017.

https://skift.com/2018/05/15/supreme-​c​ourt-decision-on-sports-betting-will-h​urt-vegas-right-youll-be-surprised/
 
2018-05-17 11:34:48 AM  
Fark Spanos
 
2018-05-17 11:50:40 AM  

Dr.Fey: I don't think Louisiana is paying for it.

Nor do I think L.A. is paying for it.

Pretty sure it's privately financed.


FTA: "Los Angeles Rams owner Stan Kroenke and his wife, Ann Walton Kroenke..."

Pretty sure it's been financed by all of us.
 
2018-05-17 12:07:56 PM  

ElwoodCuse: Marcus Aurelius: Oh, wait, Rams.

/needs a lot more covfefe
//not a raiders fan

even still, sports gambling is nothing to Vegas.

Nevada sports book operators won $248.8 million from sports betters last year or about 5 percent of what was bet. Sports betting was only 2.5 percent of the total $11.6 billion gambling revenue for the state in 2017.

https://skift.com/2018/05/15/supreme-c​ourt-decision-on-sports-betting-will-h​urt-vegas-right-youll-be-surprised/


The team can't be worth more than $2.2 Billion, so why is this idiot building the thing?  Tax writeoff?
/each team gets the same participation trophy and check
//the owner gets money from skyboxes
///richer people, but little reason to be seen watching the Rams...
 
2018-05-17 12:17:46 PM  

iamskibibitz: Pretty sure it's been financed by all of us.


I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar
 
2018-05-17 12:19:33 PM  

yet_another_wumpus: The team can't be worth more than $2.2 Billion, so why is this idiot building the thing?  Tax writeoff?


There's more to it than the stadium.

"...will include housing, office space, retail, a hotel, and a lake (altogether it covers about 300 acres)"

https://la.curbed.com/2016/1/13/10847​0​80/nfl-stadium-inglewood-los-angeles-r​ams
 
2018-05-17 12:48:54 PM  

Dr.Fey: iamskibibitz: Pretty sure it's been financed by all of us.

I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar


At Target you're more likely to find an employee and less likely to be run down by a herd of unattended children.
 
2018-05-17 01:07:17 PM  

Rapmaster2000: Dr.Fey: iamskibibitz: Pretty sure it's been financed by all of us.

I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar

At Target you're more likely to find an employee and less likely to be run down by a herd of unattended children.


I think Target tries to keep their prices just a littlebit higher than Walmart's for just this reason, and I love them for it.
 
2018-05-17 01:57:09 PM  

Dr.Fey: yet_another_wumpus: The team can't be worth more than $2.2 Billion, so why is this idiot building the thing?  Tax writeoff?

There's more to it than the stadium.

"...will include housing, office space, retail, a hotel, and a lake (altogether it covers about 300 acres)"

https://la.curbed.com/2016/1/13/108470​80/nfl-stadium-inglewood-los-angeles-r​ams


And the entire market value will crash the moment the NFL team leaves.  So presumably he is staying put until he can unload this onto foreign investment (I'm giving it 3 months, tops [the sales, the team should last a whole season at least]).
/on paper it probably makes sense without the team, location and all
//but you really don't want to be near fail.  Ever.
///fashionable location is a fickle thing, and don't expect it to outlast the team
 
2018-05-17 02:17:25 PM  
"Part of the soaring cost is due to ensuring that the venue can withstand an earthquake,"

You'd think that would have been part of the initial cost estimate being in California and all..
 
2018-05-17 02:17:39 PM  

yet_another_wumpus: the NFL team leaves


There will be two teams playing there, mind you.  Rams and Chargers.

/yes, I know the Rams and Raiders left at the same time.
//if they both left, I would fully expect the Raiders to move back to L.A.
///still the most popular team in that market and where the owner wanted to move the team
 
2018-05-17 02:19:03 PM  
Well if this is all privately financed, then it's a 'move along, nothing to see here' situation.
 
2018-05-17 02:21:04 PM  

yet_another_wumpus: ElwoodCuse: Marcus Aurelius: Oh, wait, Rams.

/needs a lot more covfefe
//not a raiders fan

even still, sports gambling is nothing to Vegas.

Nevada sports book operators won $248.8 million from sports betters last year or about 5 percent of what was bet. Sports betting was only 2.5 percent of the total $11.6 billion gambling revenue for the state in 2017.

https://skift.com/2018/05/15/supreme-c​ourt-decision-on-sports-betting-will-h​urt-vegas-right-youll-be-surprised/

The team can't be worth more than $2.2 Billion, so why is this idiot building the thing?  Tax writeoff?
/each team gets the same participation trophy and check
//the owner gets money from skyboxes
///richer people, but little reason to be seen watching the Rams...


Kroenke isn't just building a stadium, he is putting in a major commercial development around it. The Stadium is just the centrepiece.
 
2018-05-17 02:21:29 PM  

Dr.Fey: iamskibibitz: Pretty sure it's been financed by all of us.

I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar


I thought the Peninsula was just San Mateo county? That said, there are a couple in Santa Clara County/San Jose. Then again, the one by that old homeless encampment (the Jungle) closed down recently, but there is one in the Southside and Eastside.
 
2018-05-17 02:22:23 PM  
Stadiums aren't cheap.
 
2018-05-17 02:25:11 PM  

yet_another_wumpus: Dr.Fey: yet_another_wumpus: The team can't be worth more than $2.2 Billion, so why is this idiot building the thing?  Tax writeoff?

There's more to it than the stadium.

"...will include housing, office space, retail, a hotel, and a lake (altogether it covers about 300 acres)"

https://la.curbed.com/2016/1/13/108470​80/nfl-stadium-inglewood-los-angeles-r​ams

And the entire market value will crash the moment the NFL team leaves.  So presumably he is staying put until he can unload this onto foreign investment (I'm giving it 3 months, tops [the sales, the team should last a whole season at least]).
/on paper it probably makes sense without the team, location and all
//but you really don't want to be near fail.  Ever.
///fashionable location is a fickle thing, and don't expect it to outlast the team


Even if the stadium is only used a few times per year for events after five or ten years, there is a good chance his commercial development can stand on its own. The football, with two teams, only means 20 days usage if they don't play each other or get playoff home games.
 
2018-05-17 04:14:39 PM  

TheJoe03: Dr.Fey: iamskibibitz: Pretty sure it's been financed by all of us.

I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar

I thought the Peninsula was just San Mateo county? That said, there are a couple in Santa Clara County/San Jose. Then again, the one by that old homeless encampment (the Jungle) closed down recently, but there is one in the Southside and Eastside.


SF is on the top of SF peninsula, though yes, when people say "the peninsula" they mean San Mateo and northern Santa Clara counties
 
2018-05-17 04:17:17 PM  
As long as the taxpayers aren't paying for it, who cares other than the people who are actually paying for it?
 
2018-05-17 05:14:12 PM  

jackiepaper: TheJoe03: Dr.Fey: iamskibibitz: Pretty sure it's been financed by all of us.

I've never actually shopped at a Walmart.  There aren't any in the top two counties of the SF Peninsula, and driving a half-hour to one  kills the "convenience" and money-saving factors.

/we do have Targets, which I believe are similar

I thought the Peninsula was just San Mateo county? That said, there are a couple in Santa Clara County/San Jose. Then again, the one by that old homeless encampment (the Jungle) closed down recently, but there is one in the Southside and Eastside.

SF is on the top of SF peninsula, though yes, when people say "the peninsula" they mean San Mateo and northern Santa Clara counties


I live in SF now and am from SJ, so I know that. Forgot that Palo Alto is part of Santa Clara county though, so that county is technically part of the Peninsula.

/Yay Area!
 
2018-05-17 05:17:13 PM  

dywed88: yet_another_wumpus: ElwoodCuse: Marcus Aurelius: Oh, wait, Rams.
Kroenke isn't just building a stadium, he is putting in a major commercial development around it. The Stadium is just the centrepiece.


Which sounds much better, until you realize that you still need at least one team that makes the whole bit look good.  And L.A. hasn't had that for quite some time, and doesn't have an owner likely to change that.

While I haven't been to L.A. for some time, it still sounds like the only place in the country where this wouldn't work, which if you are looking for foreign investment it is great: everybody wants to own stuff near an NFL stadium (just don't do it in LA).  There is the outside chance that he could finally created the mythical "there" in LA, but I'd bet higher on the Lakers or even the Dodgers having their home pull that off, never the NFL.  Still think the plan is to flip it to foreign investors.  This doesn't look like something you would pitch to LA locals.
/didn't think the NFL would allow a shared stadium
//remember the old "multi-use stadiums" with baseball infields in play
///thought thier egos were to big for that type of thing, let alone the scheduling conflicts.
 
2018-05-17 05:19:35 PM  
Maybe it doesn't matter how much it costs. Surely, even someone from Los Angeles, can understand the smile it brings to the faces of us here in the mid west that it is almost $2B over budget.
It is hard to find people here that are all that upset they are gone. Really hard.
 
2018-05-17 05:39:08 PM  

yet_another_wumpus: /didn't think the NFL would allow a shared stadium


It is shared by another Football team. Football is ok as well as Soccer. College Football is ok as well to the NFL. They don't want intersports sharing outside of that. Look at Met Life in New Jersey. The Giants and Jets share it and it was recently built.
 
2018-05-17 06:04:01 PM  

jaflasvegas: yet_another_wumpus: /didn't think the NFL would allow a shared stadium

It is shared by another Football team. Football is ok as well as Soccer. College Football is ok as well to the NFL. They don't want intersports sharing outside of that. Look at Met Life in New Jersey. The Giants and Jets share it and it was recently built.


To be honest, I thought that the Giants and the Jets shared the old one as well (checks wiki, yes they shared Giants stadium).  Then again, the Meadowlands complex is one of the reasons I'm suspicous of this project: Xanadu mall (last named American Dream Meadowlands) hasn't been doing well (maybe one day it will open).

The sharing problem has more to do with Billionaire egos.  Most of the NFL's problems can be traced to Billionaire egos, although I suspect those egos keeps far fewer games from being fixed than anything else (nobody wants to agree to lose).
 
2018-05-17 07:03:03 PM  

jaflasvegas: yet_another_wumpus: /didn't think the NFL would allow a shared stadium

It is shared by another Football team. Football is ok as well as Soccer. College Football is ok as well to the NFL. They don't want intersports sharing outside of that. Look at Met Life in New Jersey. The Giants and Jets share it and it was recently built.


Less not wanting to share (they are not opposed to getting more money) then not wanting to have an awkward stadium to care to someone else. If you can play on what is basically an NFL field, they will be happy to. But who can consistently fill an NFL stadium like that?
 
2018-05-17 07:36:27 PM  

yet_another_wumpus: And the entire market value will crash the moment the NFL team leaves.


Have you seen LA real estate? The only thing crashing that neighborhood's market values is being west of the new coast after the Big One.
 
2018-05-17 08:11:16 PM  
If there's no public money involved I don't care how much they spend.
 
2018-05-18 02:36:56 AM  

Duke of Madness Motors: If there's no public money involved I don't care how much they spend.


The problem is this moves the market for all NFL teams. If $4 billion is the new mark for a stadium in Los Angeles, then everyone else is going to play catch up. In mid sized markets like Cincinnati, Nashville or Tampa that money is going to come from public sources because those owners don't have WalMart family money.
 
2018-05-18 02:37:29 PM  
Holy. shiat. At that level of overrun is it a given this thing actually gets finished? Is the photo from the article an accurate representation of how far into construction they are? Because if so that price is only going to keep going up. If I recall Atlanta's stadium was 3/4 finished before they stopped adding to the pricetag, and that was only $400mn over.
 
2018-05-18 02:52:21 PM  

mjohnson71: The problem is this moves the market for all NFL teams. If $4 billion is the new mark for a stadium in Los Angeles, then everyone else is going to play catch up. In mid sized markets like Cincinnati, Nashville or Tampa that money is going to come from public sources because those owners don't have WalMart family money.


Maybe.  But it's more likely that anyone running to municipalities in search of stadium funding will be pointed in the general direction of Los Angeles and told, "He built one himself.  You build yours yourself."
 
2018-05-18 03:02:58 PM  

mactheknife: mjohnson71: The problem is this moves the market for all NFL teams. If $4 billion is the new mark for a stadium in Los Angeles, then everyone else is going to play catch up. In mid sized markets like Cincinnati, Nashville or Tampa that money is going to come from public sources because those owners don't have WalMart family money.

Maybe.  But it's more likely that anyone running to municipalities in search of stadium funding will be pointed in the general direction of Los Angeles and told, "He built one himself.  You build yours yourself."


And the will beg the team to stay when the owner says "look what happened to Oakland, San Diego, and St Louis"
 
2018-05-18 09:14:20 PM  

dywed88: And the will beg the team to stay when the owner says "look what happened to Oakland, San Diego, and St Louis"


Nah, not L.A.  They already have two NBA teams, two very popular professional college football teams, two MLB teams (if you count Anaheim), two NHL teams (if you count Anaheim), and they didn't even notice when the Rams left last time.  Or the Chargers, when they left last time.  Only the Raiders leaving mattered to anyone there, and not to very many and not very much.

/that was why the second largest media market was without an NFL team for so long (since 1994)
//the NFL needed L.A. far more than L.A. need the NFL
///that's why no public funding.
 
2018-05-18 09:28:16 PM  

Dr.Fey: dywed88: And the will beg the team to stay when the owner says "look what happened to Oakland, San Diego, and St Louis"

Nah, not L.A.  They already have two NBA teams, two very popular professional college football teams, two MLB teams (if you count Anaheim), two NHL teams (if you count Anaheim), and they didn't even notice when the Rams left last time.  Or the Chargers, when they left last time.  Only the Raiders leaving mattered to anyone there, and not to very many and not very much.

/that was why the second largest media market was without an NFL team for so long (since 1994)
//the NFL needed L.A. far more than L.A. need the NFL
///that's why no public funding.


I think you missed the discussion. The person I replied to said that cities will use Kroenke building his own stadium in LA as proof that the teams don't need tax dollars. I replied that the teams will use San Diego, Oakland, ad St Louis as proof that they do and most cities will bend over backwards to give them money, and if the governments were willing to put up the dollars After all San Diego and Oakland would have kept their teams. Kroenke, on the other hand, just wanted to build his legacy in LA and St Louis had no chance to keep the Rams once he could get out of the lease.
 
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