*Sunrise Sports pays about $4.6 million of the arena’s annual debt service of $14.6 million, with the remainder coming from county hotel-tax revenue and state funds. If the arena generates more than $12 million a year of profit, Sunrise Sports gives part of the excess to the county. That’s happened once, according to the county.
*Broward projected at the time that profit-sharing would have returned $76.6 million to taxpayers by now. The county has received $331,000.
*The Florida Panthers finished this season with the 2nd lowest points total in the NHL and drew the 2nd lowest average attendance of 14,200 fans per home game. The team is losing $25 million annually. All of this is the exact opposite situation of the team's owner - Vincent Viola of HFT firm Virtu Financial infamy. As Bloomberg reports, Viola, whose high-frequency trading firm plans to raise millions in an initial public offering next month, is seeking tax dollars to help cover the bills for the hockey team he bought six months ago. Viola asked lawmakers in South Florida’s Broward County to use $64 million in taxpayer funds for arena bond payments owed by the team. In addition to taking over bond payments, which would be made over the next 14 years, the team wants concessions that would cost county taxpayers another $14 million in the same period.
*Events at the facility helped generate annual profit ranging from about $4.1 million to $9.6 million during the past five fiscal years, county records show.
Broward Commissioner Chip LaMarca cited revenue from events as a reason not to give the Panthers more tax money. “The entertainment side is going well, but the hockey team isn’t,” he said. “I don’t think we want to subsidize the operation of the team.”
Apparently, selling tickets to ice hockey games in an area with an average daily high temperature of 83 degrees is just slightly more difficult than the 100% success rate you can achieve by rigging stock markets. Thanks for playing Vincent.
And Viola another scam on taxpayers. Go pound sand!
Playoffs: Reilly Smith > Tyler Seguin