Nationwide Arena/CBJ Finances Discussion II

Discussion in 'Columbus Blue Jackets' started by Fro, Aug 7, 2011.

  1. Speedy Sanderson

    Speedy Sanderson Registered User

    Joined:
    Jan 29, 2012
    Messages:
    1,146
    Likes Received:
    250
    Trophy Points:
    94
    Yes, that was my point (perhaps I could have stated it better). In any event, I'm not sure what else the Coalition can do as their attempt to get the issue on the ballot was shot down by the Supreme Court (the petition was filed with the wrong city office I believe). I'm sure they'll come up with something as they are all about keeping themselves in the news.
     
  2. Speedy Sanderson

    Speedy Sanderson Registered User

    Joined:
    Jan 29, 2012
    Messages:
    1,146
    Likes Received:
    250
    Trophy Points:
    94
  3. We Want Ten

    We Want Ten Is a [email protected] Magician

    Joined:
    Apr 5, 2013
    Messages:
    6,025
    Likes Received:
    1,347
    Trophy Points:
    109
    Location:
    Columbus
    .â€

    So... what's the argument here? NWA is still one of the better facilities in the NHL. Also, if you want casino money, not moving the casino to the ghetto and not building a hotel on site didn't help.
     
  4. Dr. Fire

    Dr. Fire What, me worry?

    Joined:
    Jun 29, 2007
    Messages:
    7,769
    Likes Received:
    43
    Trophy Points:
    101
    Occupation:
    Fireman
    Location:
    Jacketstown, Ohio
    There are very few Arenas, if any, that make money. The vast majority are cash cows. But, arenas do much more for a community, then they take away. They provide things that nothing else can provide. If you look at the big picture, they are assets for any major city. Unless of course you build it in the middle of corn fields, not close to anything, like the long gone Richfield coliseum.
     
  5. leesmith

    leesmith Still in.

    Joined:
    Oct 31, 2005
    Messages:
    22,084
    Likes Received:
    2,104
    Trophy Points:
    186
    Gender:
    Male
    Location:
    Columbus, Ohio
    or the Canadian Tire Centre (not) in Ottawa.
     
  6. blahblah

    blahblah Registered User

    Joined:
    Nov 24, 2005
    Messages:
    21,233
    Likes Received:
    862
    Trophy Points:
    169
    I tend to agree with the first sentence, but you do realize that a "cash cow" is a good thing right? It's a steady stream of income; which is contrary to your first sentence.
     
  7. Crede777

    Crede777 Deputized

    Joined:
    Dec 16, 2009
    Messages:
    13,050
    Likes Received:
    1,565
    Trophy Points:
    139
    Same.

    Arenas tend to be cash sinkholes which are owned by the community and offer service. It is rare for them to make money and even rarer for them to be privately owned.
     
  8. Dr. Fire

    Dr. Fire What, me worry?

    Joined:
    Jun 29, 2007
    Messages:
    7,769
    Likes Received:
    43
    Trophy Points:
    101
    Occupation:
    Fireman
    Location:
    Jacketstown, Ohio
    I meant that the arena itself tends to be a revenue minus. But collaterally a revenue plus. My terminology may have been somewhat confused, as I often am. :confused: So money pit would have been better.
     
  9. JacketsDavid

    JacketsDavid Registered User

    Joined:
    Jan 11, 2013
    Messages:
    1,641
    Likes Received:
    219
    Trophy Points:
    81
    The problem comes back to - the taxpayers turned down the arena, so private money put it up, but when it came time for round 2 of financing those guys didn't want anything to do with it - so they got the county/city involved in taking it over.

    At some point the politicians need to get 100% behind it and have a compelling story - they've tried at time to talk about the # of jobs created, etc.

    End of the day (and I am a capitalist 100%) but Nationwide (specifically NRI) is making a butt-load (that's a technical term lol) of money off from the real estate. They own all the land, they get primo rents from a lot of bars and restaurants and apartments and sell a lot of $350k-1M condos plus have the city in their back packets to get real estate abatements as needed (for condos and jobs created). So at some point they need to step up, as do the citizens of Columbus, but NRI/Nationwide is making a ton of cash off from the real estate in the District and they will need to step up and take the load.
     
  10. Viqsi

    Viqsi where we're going we don't need draft picks

    Joined:
    Oct 5, 2007
    Messages:
    40,586
    Likes Received:
    9,068
    Trophy Points:
    205
    Gender:
    Female
    Occupation:
    Jackets 1st, Preds 2nd
    Location:
    Kölumboos
    They kind of did part of that already by loaning a goodly portion of the money necessary for the public purchase. No payments made on that loan yet, and yet Nationwide doesn't sound like it's going to foreclose anytime soon.
     
  11. Speedy Sanderson

    Speedy Sanderson Registered User

    Joined:
    Jan 29, 2012
    Messages:
    1,146
    Likes Received:
    250
    Trophy Points:
    94
    Yea, can't see Nationwide foreclosing on the centerpiece of its very lucrative office/housing/entertainment district. That's what it may all come down to - if, and when, Nationwide will collect on the outstanding debt. At this point the casino money is only covering the maintenance of the arena, and nothing more.
     
  12. 1857 Howitzer

    1857 Howitzer ******* Linesman

    Joined:
    Aug 27, 2007
    Messages:
    5,705
    Likes Received:
    190
    Trophy Points:
    111
    Location:
    Ohio
    Nationwide will never forclose or try to collect. It's my understanding that the loan just rolls to the next month adding to the length of the loan each time a payments missed. Nationwide was never considered with getting money from the sell of the Arena they mostly wanted to get rid of the lease with the Jackets that was going to kill the team while keeping their name on the arena.
     
  13. KeithBWhittington

    KeithBWhittington Going North

    Joined:
    Jun 14, 2003
    Messages:
    10,378
    Likes Received:
    0
    Trophy Points:
    0
    Location:
    Brick by Brick
    Home Page:
    Don't forget that Priest and a few select council members tried to push through their CAM group, which would basically take the public money earmarked for the arena and they would be the middle men to distribute it....Basically trying to have their cake (county pays for arena lease) and eat it too (continuing to receive the check and dictate how it's used)
     
  14. Speedy Sanderson

    Speedy Sanderson Registered User

    Joined:
    Jan 29, 2012
    Messages:
    1,146
    Likes Received:
    250
    Trophy Points:
    94
  15. theD86

    theD86 Winging it

    Joined:
    Jun 23, 2007
    Messages:
    787
    Likes Received:
    2
    Trophy Points:
    76
    Occupation:
    Lead others to Jesus!
    Location:
    Columbus, Ohio
    Well there's this.......

    http://www.dispatch.com/content/sto...rely-in-black-with-tax-bill-debt-looming.html

     
    Last edited by moderator Double-Shift Lasse: Jun 21, 2016
  16. We Want Ten

    We Want Ten Is a [email protected] Magician

    Joined:
    Apr 5, 2013
    Messages:
    6,025
    Likes Received:
    1,347
    Trophy Points:
    109
    Location:
    Columbus
  17. Johansen2Foligno

    Johansen2Foligno CBJ Realest

    Joined:
    Jan 2, 2015
    Messages:
    7,002
    Likes Received:
    1,941
    Trophy Points:
    111
    That casino is terrible and is in a bad spot. That shouldn't be surprising that they aren't making money.
     
  18. JacketsDavid

    JacketsDavid Registered User

    Joined:
    Jan 11, 2013
    Messages:
    1,641
    Likes Received:
    219
    Trophy Points:
    81
    The entire Casino - Arena thing was strictly political BS.
    Nationwide was politically against it, because they wouldn't make any money off from it, but they had no problem at all with NRI (Nationwide Realty Investments who built the arena and area) bidding on the Pittsburgh arena which was strategically located next to a casino.

    But notice as soon as the casino decided to move out west who swooped in and bought the land - NRI.

    I have no doubt if the Casino would have included Nationwide in their deal they would have been all for it, instead they wanted to protect their "family friendly" arena district.
     
  19. Viqsi

    Viqsi where we're going we don't need draft picks

    Joined:
    Oct 5, 2007
    Messages:
    40,586
    Likes Received:
    9,068
    Trophy Points:
    205
    Gender:
    Female
    Occupation:
    Jackets 1st, Preds 2nd
    Location:
    Kölumboos
    I rather suspect that a lack of customers there might have some more to do with it being located in a city that routinely voted against any casinos being here for years and years and years, and then had one imposed on it because of votes from out of town.
     
  20. Jackets Woodchuck

    Jackets Woodchuck Registered User

    Joined:
    Dec 27, 2010
    Messages:
    3,886
    Likes Received:
    117
    Trophy Points:
    81
    I've heard that some people avoid the Cleveland casino because the minimum bets are too high. Does the Columbus casino have that problem?
     
  21. We Want Ten

    We Want Ten Is a [email protected] Magician

    Joined:
    Apr 5, 2013
    Messages:
    6,025
    Likes Received:
    1,347
    Trophy Points:
    109
    Location:
    Columbus
    Yes.
     
  22. Johansen2Foligno

    Johansen2Foligno CBJ Realest

    Joined:
    Jan 2, 2015
    Messages:
    7,002
    Likes Received:
    1,941
    Trophy Points:
    111
    The table minimums are way too high and they don't have enough staff/demand to open the second area of tables on Friday nights. It's sad really
     
  23. KallioWeHardlyKnewYe

    KallioWeHardlyKnewYe Hey! We won!

    Joined:
    May 30, 2003
    Messages:
    13,657
    Likes Received:
    532
    Trophy Points:
    214
    I believe there is truth to this.

    But I also think local politicians and business leaders, once the decision was made, could have made a better environment for all stakeholders. They didn't. They set it up to fail all the while pitching it as an economic boon for the West Side when all they were doing was dumping it as far from their toys as they reasonably could.
     
  24. Viqsi

    Viqsi where we're going we don't need draft picks

    Joined:
    Oct 5, 2007
    Messages:
    40,586
    Likes Received:
    9,068
    Trophy Points:
    205
    Gender:
    Female
    Occupation:
    Jackets 1st, Preds 2nd
    Location:
    Kölumboos
    Quite possibly. And normally that's kind of a petty thing to do, but admittedly if it were me in charge I probably would have done the same. "We never wanted you, so you get exiled to the borderlands."
     
  25. Forepar

    Forepar Registered User

    Joined:
    Nov 6, 2011
    Messages:
    775
    Likes Received:
    140
    Trophy Points:
    61
    Location:
    South-Central Ohio

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice
monitoring_string = "358c248ada348a047a4b9bb27a146148"