UNLV Campus Improvement Authority Board Review of Stadium Tours, Estimated Building Costs and Proposed Calendar of Events April 24, 2014
table of contents 1) TOURS OF TEXAS STADIUMS... 3 2) GENSLER SUN STUDY... 40 3) LAS VEGAS STADIUM COST ESTIMATE... 44 4) LAS VEGAS STADIUM EVENT CALENDAR... 50 2
1 TOURS OF TEXAS STADIUMS 3
Tours of Texas Stadiums Stadiums Tours: On April 2nd, 2014 project representatives toured three recently built stadium developments based in Texas AT&T Stadium Dallas Cowboys AT&T Stadium in Arlington, TX Dallas Cowboys Amon G. Carter Stadium in Fort Worth, TX Texas Christian University McLane Stadium in Waco, TX Baylor University The primary purpose of the tours were to better understand: Stadium operations Amon G. Carter Stadium TCU Third party event activity Building program and design elements Outfit of premium spaces Infrastructure Other relevant elements of each stadium development Tour Participants: McLane Stadium Baylor University UNLV Representatives CIAB Members CSL International / Legends Venue Solutions Group 4
Year Opened Capacity Sq. Footage Project Cost 2009 80,000 3.0M sq. ft. $1,214M AT&T STADIUM Project Finance: County contributed $25 million for roads/parking lots The City of Arlington provided $325 million in voter-approved City bonds Bonds backed by 0.5% sales tax increase, 2% hotel tax and 5% car rental tax. The City issued $114 million in revenue bonds Bonds backed by 10% admission tax, $3 parking surcharge. The Cowboys funded their contribution via private bond issues and NFL loans drawn on club seat and PSL revenue. PSL sales generated approximately $500 million in project funding. Cost overruns were the responsibility of the Cowboys Premium Seating: AT&T Stadium features 300 suites at an average annual cost of around $300,000. AT&T Stadium also offers over 14,000 club seats sold at an average annual fee of approximately $3,370. The Cowboys placed PSLs on 56,314 seats in the stadium (86 percent of capacity) Seat license prices ranged from $2,000 to $150,000 per seat Total potential seat license revenue of $650.0 million 5
AT&T STADIUm exterior 6
AT&T STADIUm seating bowl 7
AT&T STADIUm CLUB LOUNGE 8
AT&T STADIUm CLUB LOUNGE 9
AT&T STADIUm field level club 10
AT&T STADIUm field level CLUB 11
Luxury Suite Overview 12
AT&T STADIUm field level suite 13
AT&T STADIUm private suite 14
AT&T STADIUm Basketball Configuration 15
AT&T STADIUm Basketball Configuration 16
AT&T STADIUm boxing Configuration 17
AT&T STADIUm concert Configuration 18
AT&T STADIUm motorsport Configuration 19
Amon G. Carter Stadium Year Opened Capacity Sq. Footage Project Cost 1930, 2012 Renovation 45,000 279,179 sq. ft. $164M Project Finance: 100% donor funded project cost of $164 Million Primary Sources: 6 Founding Partners at $15 Million each plus oil income from site Suites were sold for up front contributions of $1-5 Million for $30 Million total provided most of remainder of project funding. Could have charged double for suites. No Long term debt financing Commercial Paper at 2% for 5 years as bridge financing Project included new luxury suites, club seats, club lounge, West Stand and a new press box Premium Seating: 6 Founders Suites - $15MM capital gift 25 luxury suites - $1MM, $2MM, or $5MM capital gift Suite rights for 10, 20, or 25 years 2,600 club seats -$2,500-3,000 year donation with minimal ticket price with food included. 5% annual escalator on tickets All revenue towards scholarship fund High level of interior finishes in clubs and suites by HKS Other Project Elements Low Suite positions modeled after AT&T Stadium Premium Tailgate amenities and parking are very successful ($2,500/space X 1,000spaces) Scoreboard signs were done for $2.5 Million contribution. Bowl Signage is simple with only moderate corporate advertising presence. 20
Amon G. Carter Stadium New Exterior 21
Amon G. Carter Stadium Interior Concourses 22
Amon G. Carter Stadium End Zone Party Deck 23
Amon G. Carter Stadium Club Lounges 24
Amon G. Carter Stadium Standard Suites 25
Amon G. Carter Stadium Founders Club Space 26
Amon G. Carter Stadium Individual Founders Suite 27
Amon G. Carter Stadium Premium Tailgate Zones 28
Year Opened Capacity Sq. Footage Project Cost 2014 45,000 860,000 sq. ft. $260M McLane Stadium Project Finance: Baylor took on a multi-initiative fundraising campaign to develop the $260 million McLean Stadium along with other facilities on campus. City of Waco provided $35 million in TIFF funds Baylor athletics are paying $100 million over 20 years to fund the new stadium Approximately $82.5 million capital gift donations required for the purchase of club seats, loge boxes and luxury suites in the new stadium. Stadium naming rights provided $25.0 million in funding Field naming rights accounted for $17.5 million Premium Seating Premium seating at the stadium will include: 6 Founder s Suites 36 luxury suites 79 loge boxes 1,200 club seats Founder s Suites required a minimum contribution of $10.0M Included 20 years of suite holder benefits. 36 luxury suites required a contribution between $1M and $3M Included suite holder benefits for seven to 15 years Capital seat gifts tied to the 42 suites generated $140M Including several donors who gave more than $10.0M and received naming opportunities throughout the stadium Loge Boxes required gifts between $40,000 and $250,000+ Club seats required gifts from $5,000 to $150,000+. Approximately $22M was generated by loge box and club seat capital gifts. Overall, Baylor generated approximately $162M in capital seat donations. 29
McLane Stadium Stadium Exterior 30
McLane Stadium Stadium Exterior 31
McLane Stadium Stadium bowl 32
McLane Stadium Scoreboard 33
McLane Stadium Shading System 34
McLane Stadium Suite and Club Deck 35
McLane Stadium Loge Boxes 36
McLane Stadium Loge Box Renderings 37
McLane Stadium Club Seating Areas 38
McLane Stadium views 39
2 GENSLER SUN STUDY
Las Vegas Stadium Sun Study Las Vegas Stadium 40 Small Roof 92,188 Sq. Ft. of Roof Gensler 41
Las Vegas Stadium Sun Study Las Vegas Stadium 75 Medium Roof 147,780 Sq. Ft. of Roof Gensler 42
Las Vegas Stadium Sun Study Las Vegas Stadium 125 Large Roof 227,165 Sq. Ft. of Roof Gensler 43
3 LAS VEGAS STADIUM COST ESTIMATE
McLane Stadium - baylor year opened location construction cost capacity cost per seat concourses width length footprint square feet 2014 Waco, Texas $250.0 million 45,000 $5,556 2 650 815 529,750 sqft 860,000 sqft Note: Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development costs. 45
TCF Bank Stadium - Minnesota Year Opened: Location: Construction Cost: (2014 Dollars) Capacity: Cost per Seat: Concourses: Width: Length: Footprint: Square Feet: 2009 Minneapolis, Minnesota $375.0 million 50,805 $7,381 2 715 910 650,650 sq. ft. 908,000 sq. ft. Note: Construction costs have been inflated by 5% a year, with construction starting in 2006. Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development costs. 46
Houston Stadium year opened location construction cost capacity cost per seat concourses width length footprint square feet 2014 Houston, Texas $105.0 million 40,000 $2,625 1 650 910 591,500 sq. ft. 660,000 sq. ft. Note: Construction cost only includes hard costs; not inclusive of soft costs like design and architectural fees, land, interest or other development costs. 47
Las Vegas Stadium capacity concourses width length footprint Seating bowl interior space square feet 50,000 2 675 900 607,500 sq. ft. 280,000 sq. ft. 350,000 sq. ft. 900,000 sq. ft. 48
Las Vegas Stadium Cost Estimate Items Within Cost Estimate: Demolition & Site Clearing Site Utilities Excavation & Foundation Structural Frame Roofing & Waterproofing Exterior Wall Interior Finishes FF&E Scoreboard Playing Field Equipment and Specialties Food Service Equipment Seating Vertical Transportation Plumbing Fire Protection HVAC Electrical Audio Visual Site Work General Requirements OpenJAir Open-Air Total&Construction&Cost $392,057,717 Soft&Costs $98,014,429 Total&Hard&&&Soft&Costs $490,072,146 Domed Retractable&Roof Roof Total&Construction&Cost $392,057,717 Total&Construction&Cost $392,057,717 Soft&Costs 98,014,429 Soft&Costs 98,014,429 Fixed&Fabric&Roof&Premium 142,004,648 Retractable&Roof&Premium 192,004,648 Project&Cost&with&Domed&Roof $632,076,794 Project&Cost&with&Retractable&Roof $682,076,794 Potential Added Costs: Add to Lower the Playing Field 25 below grade $10 to $20 million range Total&Construction&Cost Soft&Costs Total&Hard&&&Soft&Costs OpenJAir&with&Shading Open-Air With Shading System Shading&System Project&Cost&with&40&ft&Small&Roof& Project&Cost&with&75&ft&Medium&Roof& Project&Cost&with&125&ft&Large&Roof& Costs To Be Determined: Parking Site Improvements Transportation Enhancements Other Required Infrastructure $392,057,717 98,014,429 $490,072,146 $497,407,341 $504,770,252 $514,172,081 49
4 LAS VEGAS STADIUM EVENT CALENDAR
Las Vegas Stadium Potential Events Events Identified in Mark Rosentraub Study: 1. PAC-12 Football Conference Championship Game (December) 2. NFL Exhibition game (August) 3. New College Football Bowl Game (December) 4. Neutral Site College Football Game (Fall) 5. Second Neutral Site College Football Game (Fall) 6. International Soccer Festival (Summer) 7. Electronic Music Festival (2 to 3 days, Summer) 8. Country Music Festival (either with ACM weekend or another time) 2-3 days 9. UFC International Fight Week (Summer) 10. Tour Concert (Summer) 11. Tour Concert (second, Summer) 12. Winter Kick Soccer Festival (February) 13. Rock Music Festival (Summer) 14. X Games (Summer) 15. NFL Pro Bowl (January) 16. MWC Football Championship Game (December) 17. NFR Closing Event (December) 18. Wrestlemania 19. Republican or Democratic National Convention 20. NCAA Final Four Basketball Championships 21. Comic-Con 22. Boxing 23. MLS All-Star Game 24. Corporate Events Mark Rosentraub study anticipated that 15 new mega- events will take place at a new mega-events center/stadium in Las Vegas on an annual basis. 51
Las Vegas Stadium Potential Events Potential Events at a New Stadium identified by csl: UNLV Football Major League Soccer (MLS) International Soccer Friendlies MLS vs. International Clubs Guinness International Champions Cup Gold Cup Major Concerts Festivals Rugby Ruby VII s tournament Rugby XV s neutral site matches International test matches Rugby VII s World Cup 2018 Rugby VII s regional / Olympic qualifiers Signature Events Mountain West Conference Football Championship Pac-12 Conference Football Championship Miss Universe Pageant Las Vegas Marathon NASCAR Champion s Week Academy of Country Music Awards Armed Forces Classic Champions Classic Major Non-Recurring Events NCAA Final Four NFL Pro Bowl NFL Preseason Republican/Democratic National Convention X Games SEMA Show Las Vegas Bowl New Collegiate Bowl Game Neutral Site Collegiate Football Games Ultimate Fighting Championship (UFC) UFC International Fight Week Boxing Motorsports Monster Jam Supercross 52
Las Vegas Stadium Event summary Event Comparison of Roof Scenarios: A closed roof stadium is estimated to attract two additional major non-recurring events A new bowl game is projected to be held at a closed roof facility but not at an open-air A major boxing event is projected to be hosted at a closed roof stadium An additional concert could be held at a closed-roof stadium An open-air stadium is projected to bring one additional major rugby event An open-air stadium could be more attractive for hosting international soccer events and is projected to host one additional event Event Progamming Summary SBS SBS CSL CSL Category Existing Future Closed Roof Open- Air UNLV Football 6 6 6 6 MLS 0 0 17 17 International Soccer 1 0 1 2 Major Concert 0 0 2 1 Festival 0 0 0 0 Rugby 1 0 3 4 Signature 0 0 1 1 Major Non- Recurring 0 0 2 0 Las Vegas Bowl 1 1 1 1 New Bowl Game 0 0 1 0 Neutral Site NCAA Football 0 0 2 2 UFC 0 0 1 1 Boxing 0 0 1 0 Motorsports 3 1 3 3 Total Events 12 8 41 38 Total Events (excluding MLS) 12 8 24 21 Excluding MLS matches and UNLV football games, CSL projections for closed roof (18) and open-air (16) are in-line with the annual mega-event projections made in the Rosentraub study (15) 53
Las Vegas/unlv Multi-Purpose Stadium Hypothetical Event Calendar for Closed Roof Scenario Week 1: Occupancy: Week 2: Occupancy: Week 3: Occupancy: Week 4: Occupancy: Week 1: Occupancy: Rugby VII's Tournament Closed Roof Stadium January February March April May June MLS- 1 Monster Jam Finals 94.4% Supercross Finals UNLV UFC Fight Week MLS- 11 MLS- 14 MLS- 16 UNLV Football- 4 Football- 1 95.8% 87.8% MLS- 3 83.6% 94.3% MLS- 4 July August September October MLS- 5 November MLS- 7 91.2% MLS- 2 MLS- 6 MLS- 8 December Signature Event Pac 12/MW Championship Closed Roof Stadium Event Summary: Total Events 41 UNLV Football 6 MLS 17 International Soccer 1 Rugby 3 Signature 1 Major Non-Recurring 2 Las Vegas Bowl 1 New Bowl Game 1 Neutral Site NCAA Football 2 UFC 1 Boxing 1 Motorsports 3 Week 2: Occupancy: MLS- 9 UNLV Football- 2 UNLV Football- 3 UNLV Football- 5 Week 3: MLS- 12 MLS- 15 Mosnter Energy Cup Las Vegas Bowl Occupancy: 94.8% 70.7% Week 4: MLS- 10 MLS- 13 MLS- 17 UNLV Football- 6 Occupancy: 54
Las Vegas/unlv Multi-Purpose Stadium Hypothetical Event Calendar for Open-Air Scenario Week 1: Occupancy: Week 2: Occupancy: Week 3: Occupancy: Week 4: Occupancy: Week 1: Occupancy: Open- Air Stadium January February March April May June Rugby VII's Tournament MLS- 3 Supercross Finals 83.6% 94.3% 91.2% MLS- 1 Monster Jam Finals 94.4% July August September October November UNLV UFC Fight Week MLS- 11 MLS- 14 MLS- 16 UNLV Football- 4 Football- 1 MLS- 7 December Signature Event Pac 12/MW Championship 95.8% 87.8% MLS- 4 MLS- 5 MLS- 2 MLS- 6 MLS- 8 Open-Air Stadium Event Summary: Total Events 38 UNLV Football 6 MLS 17 International Soccer 2 Rugby 4 Signature 1 Major Non-Recurring 0 Las Vegas Bowl 1 New Bowl Game 0 Neutral Site NCAA Football 2 UFC 1 Boxing 0 Motorsports 3 Week 2: Occupancy: MLS- 9 UNLV Football- 2 UNLV Football- 3 UNLV Football- 5 Week 3: MLS- 12 MLS- 15 Mosnter Energy Cup Las Vegas Bowl Occupancy: 94.8% 70.7% Week 4: MLS- 10 MLS- 13 MLS- 17 UNLV Football- 6 Occupancy: 55
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