Source: Cordish Companies/Texas Rangers
Texas Live!, a partnership between The Cordish Companies as well as also the Texas Rangers, will be a $250 million world-class dining, entertainment as well as also hospitality district.
Entertainment districts near sports venues are not fresh. An increasing number of sports teams are investing in entertainment districts as a way to bring in revenue coming from AEG’s $2.5 billion LA Live to the Gateway District in Cleveland they are found all over the country. What’s unique in Arlington, will be the fact in which the ownership of the Texas Rangers incorporates a stake within the idea.
Team owners currently have a vested interest in keeping their facilities vibrant all year long — even when games aren’t going on, said Joe Favorito, a sports media consultant as well as also professor at Columbia University.
“If you factor into a growing area like gambling, where elaborate spaces in stadia can even be used when teams are away for fan engagement, these type of investments are going to become more vibrant, as well as also lucrative as joint ventures,” he said.
According to Cordish, the idea’s not only not bad business although the idea helps the overall franchise value as well as also puts more fans within the stands.
“They are doing their fans happier. When you do in which the idea increases the value of the experience as well as also the value of the team,” he said.
Leibman said the added revenue will help the Rangers be able to fund better, quality players on the field.
“There’s only so much you can generate coming from ticket sales as well as also TV revenue – in which will be just an added revenue source,” he said.
The project’s owners are also hoping Texas Live helps put Arlington on the map as a tourist destination by providing a Loews hotel as well as also amenities for a family friendly trip.
More than 2,000 construction workers were hired to build the entertainment center as well as also the idea will be supposed to create more than 1,000 permanent jobs. The project will be supposed to draw an extra 3 million visitors per year to the city of Arlington, which already has 14 million annual visitors.
“You are talking about hundreds of millions of dollars of fresh revenue as well as also jobs,” said Cordish.
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