As I work up to my final project, I will be posting more article regarding the evolution of luxury suites. Here are two articles that deal with the primal reason that stadium owners deal with luxury suites: wealth generation. For instance, the blog article from "The Life of Luxury" has an entry regarding what I am talking about. The blog mentions the new Cowboys stadium, and how the design of 300 suites of varying size and opulence have created a $90 million marketplace right in the stadium. That figure is incredible if you think about those 300 suites having a sum square footage in the thousands.
Adding to this article is a Forbes.com article comparing all the different luxury suites available across North America. Of real interest is how stadiums are trending towards clubs instead of suites. The article talks about the Yankees Legends Suites, which are priced at $2,500 per seat, per game, on a five, seven, or 10 year increments. Each of these seats will bring in millions of dollars.
However, the Yankee organization loves that they can make so much money, to be able to keep lower-end ticket prices down; very important when you take public money to finance the new stadium.
All in all, it is interesting to note that now professional teams are trending to higher-valued products, versus selling mass amounts of tickets.
Forbes.com Article
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Three hundred suites is an incredible number as is 90 mil. When I walked through Kinninck it seemed like there were maybe 10? Really takes 300 further out of perspective though haha. That's huge.
ReplyDeleteAlso, I wonder if the $2500 dollar seats come with spiked prices in everything else? Like $100 beers and $50 hot dogs. Then again, I suppose if you're dropping $2500/per game on a seat it'll be Cristal and Caviar.
The new Yankees Stadium is VERY impressive. Everything in it is top notch. I'd be interested in reading about the money that went into the stadium in the future if you're so inclined...
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