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Too Much Entertainment? I Don't Think So.

by Administrator on Oct 14, 2019 Market Conditions Articles 52 Views

With the announcement of the Madison Square Garden (MSG) Sphere you would think that the end of the world was coming to Las Vegas.  Too much entertainment competition they say with the tens of thousands of seats being built.  If you add 18,000 MSG Sphere seats to the 42,000 NFL Raider's seats to the NHL T-Mobile seats and possibly tens of thousands of planned Jackie Robinson NBA seats you have a lot of seats to fill.  Personally the only problem I see with Las Vegas trying to fill all those seats is greed. 

If you go to a NHL game in Phoenix you pay what $ 40 a seat?  It's tough to get into T-Mobile without paying $ 150 to $ 200 a seat unless you want a nose bleed.  Is it really that much better to attend a game in Las Vegas?  No it is not, its just that at this point in time they can still get those ticket prices.  If they don't keep a competitive team people will have to give those tickets away.

The NFL ticket prices that I have heard are also going to be outrageous.  It sounds like in at least the first year or two they will attempt to price seats in the insanity range. You have the casino's buying in big time but they will only continue to buy big blocks of high-end tickets if its working out for them.  It already sounds like the Raider's don't want to come to Las Vegas in 2020, that's a big publically funded stadium that's going to be empty if they don't show up.

It's my opinion that some of these new sports teams / venues need some serious competition, so I'm all for more and more entertainment seats, they may actually get to a time in the future when prices come down to tthe real world.  The theory that "if you build it they will come" is a ridiculous one.  If you build it no one may come, then you declare bankruptcy and a person with a smaller investment can make a profit with lower ticket prices.  Keep announcing and building, locals can lose this game.

For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA who is a Las Vegas / Henderson Nevada based broker and appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

 

Article source: http://www.appraisalarticles.com/General-Appraisal-Articles/Market-Conditions-Articles/4751-Too-Much-Entertainment-I-Dont-Think-So.html

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