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WWL>Topics>>5-21 7:45am Tommy, Super Bowl economics

5-21 7:45am Tommy, Super Bowl economics

May 21, 2014|

Tommy talks to Walter"Dub" Lane, an Associate Professor of Finance and Economics at UNO, about the costs and benefits of hosting a Super Bowl and getting a new stadium

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Automatically Generated Transcript (may not be 100% accurate)

And we're talking about the Super Bowl we're talking about Aaron Brooks Super Bowl that we didn't get that went to Minnesota and tired I think was -- list or somebody that presented as Steve Perry perhaps talking about. The new stadium in Minnesota one point two billion dollars taxpayers put up 600 million -- And that that probably had a lot to do with Minnesota beginnings verbal. Naturally the way my mind works. Which can be disturbing. Is I was wondering about. Return on investment and if suitable brings so much to the community. If you get that back. With one Super Bowl when you wind up. With a new stadium. And paid back but how do you determine what money turns over in the economy and who benefits from. That we -- to somebody far smarter than me which doesn't -- -- lot and I mean that is no disrespect to Walter don't -- associate professor of finance and economics. Over at my alma mater UN no -- and god -- good morning. -- -- -- About the economic impact of Super Bowls about private. Money tax money public money actually going into a new stadium and can you look at it at all as a return on investment. Well you can certainly pursue rebels have a huge impact. Are you a note that our division have been an economic research should not me personally but. The study of the last two -- and found out that the economic impact. Was you know close to 500 million. And now and that's. Because so much comes from the outside it. In a lot of people reduce economic impacts cities and we are quite right because they forget that. It would be able local possible say the Greek debt that's coming up it's wonderful thing. But it's not going to be huge economic impact for the community because it's people from New Orleans spending money in the war. And it is -- Yeah you -- -- it about -- well it's a a but -- nothing -- do under the other thing -- which you bring out side but he ended when you get the big impact and it's Super Bowl does you know in terms of you have been. -- -- -- Huge amount of equipment you'll like the last five and so these big things go on on them. Decatur and they do as stadium and people commute from outside it's it's it's huge. Again not every hotel room blow it you know room in the restaurant and indeed and it also expected to bring him. You know people with a lot of money and becoming spindle on the year it's your look and brought -- Now I I can't you know I would have to say that it would be bigger for. But it is for. You know Minneapolis with that would be expected temperature high is eighteen degrees about parent site. You know US commitment three extra days there portrait in the world. But so -- -- to beat him. Impact of -- but it it's it's certainly not the papers stadium and in one bit but it is huge impact on the Minnesota here. I mean I mean if beauty place these big big big impact. But certainly significant take debate or one point two billion dollars state. If if only half of that comes from public money -- 600 million and it with -- rebel union bank 500 million is it. Is the holes stayed in for that I would presume they would have to go -- and Brussels they get the benefit. No no I mean obviously this bit it's going to be localized in in in the city. But again coverage of the that he of the state teams collapse for a year -- or something like that now -- the Randall long remembered you look at -- -- lot of these stadiums it's truly though that long -- you know but. And I guess -- and ask I don't know would that it really matters whether. The superdome is an adequate facility are great facility and out of the NFL. And it appears gonna start awarding super bulls cities that build new stadiums. Well if you would figure over the lifetime -- twenty years we were yet to album. BO a good deed because of the things that you mentioned that the proximity of that one if you did somebody else but the proximity of everything together. People love love they did the area if we were to get to -- and would it be. A Smart business decision. To build a new stadium although you never know the NFL's negativity Iraq. Well except that I mean you know -- this time we went up against two things we who never lost the bid. And then the other thing -- anybody -- built the stadium has never lost the of them but he had the break that that change and unfortunately it broke against the but -- you know -- Really clear that there's no place better than Portland for the Super Bowl record they had their druthers they would have a girl. But they have other considerations -- owners obviously your single as ever -- -- a major like war and so. You do this from me and now later in depth review. Yeah it is a game when you build -- stadium you certainly have to look at that it's like I'm in terms of the studies that I'd seen as public investments. That there's not. Great rate of return on on those stadiums in terms of actual cash. You know you have to take into the you know the other issues of the prestige of the city yet but -- of that sort. That's exclusive of Super Eagles when you say this. I do think -- indeed that the -- done on an investments in its stadiums that ball like -- convictions and what are they used to be it can be considered were fairly decent investment now everybody one minority group fighting arc of it is that it's been his greatest cities we are. It's harder order book things as we've got to compete with everybody else that built them. Well it'll all these cities are building these new new -- and so for the big events. You know others such competition now yet. Superdome we have a whole lot more than anybody except Miami. Or California. And so are targeted to do better so. You think they're getting back to Minnesota again ever. Wouldn't they let me ask us now before we run out of town time I'm again I'm gonna give you. One point two. Billion inlet you will know would have to behalf -- give you a 600 million. To build a new stadium as a as a just a private investor RE NA and you can see where I'm going to taxpayer. Com given the Super Bowl benefits and you wouldn't you would get all of the benefit of that. Would it be worth it to you using to build the new Super Bowl in terms of -- well I'd probably get two more. So -- wind up with -- stadium built that wind up on the plus side of the balance sheet. And it would be win win for everybody it -- And the public. Well if you were to take the role of the public investment trying to take the politics out of it but you would also. -- -- the economic benefit would you wind up with a new stadium and on the plus side of it. After -- soup doubles. I don't think so I think he would meet with everything else. In New Orleans according -- -- week. Who you know we've done we do -- well here because luckily we didn't buildings they have but we took put money renovating -- -- and that's that worked for us that's but certainly did you at this point to build this stadium certainly not in the world and in the near future -- we we've we've got an ideal situation now. Ten and released for the next five or ten years that simple looking yet. A new year a -- you know audience's way. -- -- --

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