Maryland Stadium Authority Pitches Plan to Borrow 1.2B for Stadium Upgrades for Orioles, Ravens.

[Can_of_corn]

https://www.baltimoresun.com/politics/bs-md-pol-orioles-ravens-stadiums-20220202-m6pek4xuircktpy454upsaycye-story.html

 

Quote

A bill drafted by the MSA and expected to be introduced soon in the Maryland House of Delegates would increase the allowable bond debt for stadium projects from $235 million to $1.2 billion. Up to $600 million in outstanding debt would be allowed for projects at each club’s stadium at any given time.

The legislation would gradually increase the amount of state lottery proceeds that can be used to pay debt service on the bonds — from $20 million to up to $90 million per year. The legislation requires the teams to sign a lease long enough to pay off the bonds.

 

[Frobby]

I don’t really understand what they’d do with all that money.   It’s not like OPACY needs hundreds of millions of dollars of renovations.   

[Can_of_corn]

4 minutes ago, Frobby said:

I don’t really understand what they’d do with all that money.   It’s not like OPACY needs hundreds of millions of dollars of renovations.   

They reference the new stadium in Dallas which came in over a billion (Funny thing is, the city only paid ~300M of it).

Obviously I'm pretty strongly against municipalities paying for stadiums but this looks to me like a payoff in exchange for a lease extension.  Need isn't a factor.

[Frobby]

Just now, Can_of_corn said:

They reference the new stadium in Dallas which came in over a billion (Funny thing is, the city only paid ~300M of it).

Obviously I'm pretty strongly against municipalities paying for stadiums but this looks to me like a payoff in exchange for a lease extension.  Need isn't a factor.

Still, the money has to be used for something, so what is it?   I’d imagine the MSA will need to lay it out for the legislature.   

[owknows]

30 minutes ago, Frobby said:

Still, the money has to be used for something, so what is it?   I’d imagine the MSA will need to lay it out for the legislature.   

I noticed that the toilet seats at OPACY aren't gold yet.

[wildcard]

Maybe the renovations include allowing the concessions to be able to view the game.  That would take a major redesign.

[Frobby]

Now that I've read the article, it does say "At Camden Yards, those changes could include more social spaces, fewer seats and a sports betting area. "   Also this:

As sleek stadiums costing well over $1 billion are built in other cities, the authority said it needs to ensure that the teams can keep Oriole Park at Camden Yards and M&T Bank Stadium in step with stadium trends and a generation of fans accustomed to mingling and activity rather than just sitting and watching the game.

“The way people watch sports continues to morph from more traditional ‘buy a ticket and sit in a seat’ to something that’s completely different. And our teams need to have that flexibility,” Kelso said.

Well, I personally will always be a "buy a ticket and sit in a seat" guy.   I'm there to watch a baseball game, not be distracted from it.   But, if OPACY needs to create spaces like this to attract other types of fans, I am OK with it.    

[DrungoHazewood]

4 minutes ago, Frobby said:

Now that I've read the article, it does say "At Camden Yards, those changes could include more social spaces, fewer seats and a sports betting area. "   Also this:

As sleek stadiums costing well over $1 billion are built in other cities, the authority said it needs to ensure that the teams can keep Oriole Park at Camden Yards and M&T Bank Stadium in step with stadium trends and a generation of fans accustomed to mingling and activity rather than just sitting and watching the game.

“The way people watch sports continues to morph from more traditional ‘buy a ticket and sit in a seat’ to something that’s completely different. And our teams need to have that flexibility,” Kelso said.

Well, I personally will always be a "buy a ticket and sit in a seat" guy.   I'm there to watch a baseball game, not be distracted from it.   But, if OPACY needs to create spaces like this to attract other types of fans, I am OK with it.    

If the plan is to modify the stadium to attract a lot of people who're mainly there to bet on sports, count me out.  Not okay with that at all.

[Can_of_corn]

9 minutes ago, DrungoHazewood said:

If the plan is to modify the stadium to attract a lot of people who're mainly there to bet on sports, count me out.  Not okay with that at all.

 

Peter would have loved the idea of being able to watch the O's and drop a bet on a horse race at the same time.

Maybe they can get permission to add some slot machines and a blackjack table?

[OsFanSinceThe80s]

$1.2 billion? That is way too much money and it does look like some sort of payoff for a lease extension. Let the Orioles and Ravens front the money if then if it’s going to help out both teams. 

[OsFanSinceThe80s]

16 minutes ago, Can_of_corn said:

 

Peter would have loved the idea of being able to watch the O's and drop a bet on a horse race at the same time.

Maybe they can get permission to add some slot machines and a blackjack table?

In that case, I want to see Pete’s face plastered on the front like Biff’s casino from Back To The Future 2.

[Can_of_corn]

Just to put the 600M into perspective.

OPCAY cost 110M.

Now Corn, you say, 110M isn't worth near as much now as it was in 1990.

You are right, with inflation is would be roughly 250M in 2022 dollars.

They are suggesting borrowing well over twice the adjusted cost of the stadium to renovate the stadium.

[OsFanSinceThe80s]

8 minutes ago, Can_of_corn said:

Just to put the 600M into perspective.

OPCAY cost 110M.

Now Corn, you say, 110M isn't worth near as much now as it was in 1990.

You are right, with inflation is would be roughly 250M in 2022 dollars.

They are suggesting borrowing well over twice the adjusted cost of the stadium to renovate the stadium.

This is what has me scratching my head because this amount of money could potentially build a new ballpark. And it’s not like OPACY or Ravens stadium are in a state of disrepair either. 

What exactly are the proposed renovations that are going to run up the costs to $1.2B? 

[Can_of_corn]

Just now, OsFanSinceThe80s said:

This is what has me scratching my head because this amount of money could potentially build a new ballpark. And it’s not like OPACY or Ravens stadium are in a state of disrepair either. 

What exactly are the proposed renovations that are going to run up the costs to $1.2B? 

I'm guessing (and yes I'm biased) that it will mostly be giving ownership additional revenue streams.  Lots of money in gambling. 

 

 

[Sports Guy]

Material costs alone could cause this number to be a lot higher than people think.