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Usually the story told to cities and the public about stadium subsidies is that the new sports venue will be great for the local economy, it’ll pay for itself over time, etc. etc. So it’s kind of perversely funny that it’s already known that St. Petersburg’s nearly approved deal for a new Rays stadium will provide no revenue return to the city. City council member Richie Floyd, who is against the deal, has already said as much publicly: it didn’t even take some digging into the proposed deal from journalists to uncover that key piece of information.
What makes it even worse is that this is a $1.6 billion stadium subsidy, per Neil deMause’s calculations last month: the current record is Las Vegas’ Allegiant Stadium, at $750 million, which means St. Pete is more than doubling that rate. Completely absurd, but just five of their eight city councilors are needed to approve the deal, anyway, and they’ve supposedly got the numbers for the July 11 final vote.
Continue reading “Notes: Record stadium subsidy, John Henry speaks, gambling threats”