The new Philadelphia Phillies baseball stadium is a big deal for sports fans, and it has already paid off for the city.
It was a huge win for sports betting, which had been hobbled by the city’s lack of a dedicated sports gambling venue, and for the Phillies themselves, who had been unable to secure an NHL arena.
But a $500 million arena deal, signed by Mayor Jim Kenney and Governor Tom Wolf last month, has not been the only success story in Philadelphia sports.
The city also received a major boost in economic development from a new sports stadium, a major renovation of the Wells Fargo Center, and the new arena and sports complex.
That, in turn, has generated plenty of revenue for the Sixers.
“We’ve seen an enormous uptick in business for our city, in terms of increased revenues, and we have a lot of opportunities for growth,” said Kenney, who said the city is “well positioned to grow.”
But Kenney’s team has to make sure it doesn’t miss out on any of the economic benefits that come from the city becoming a major sports hub.
A new $550 million arena in the city that will be built by the New Jersey Devils in the near future will be an important component of the deal, said Kenes.
“If you’re going to do this, you have to be prepared to pay for it, and this is one of the things that we’re looking for,” he said.
Kenney said the arena deal will be finalized by the end of the month, with the first games of the 2017-18 season scheduled to begin at the end.
The Phillies, meanwhile, will begin play in 2017-2018, and will use the new stadium for the first time.
The new arena, expected to cost about $1.7 billion, will be the largest arena in pro sports, and has a capacity of about 50,000.
The stadium also will include a new practice facility and a new basketball arena, and Kenes said the team plans to start playing its first game there in 2019.
The arena deal is part of a $4 billion renovation that also includes the construction of a new hotel, restaurants, offices and more.
The deal also includes a new stadium, which the team has not yet named.
The Sixers are expected to open their new facility in 2021, and are also looking at other sites in the area, including in East Rutherford, New Jersey, and Newark, New Brunswick.
“There’s so much opportunity here,” said Chris Kostik, who manages the Philadelphia Sports Coalition, which is working to help bring a sports arena to Philadelphia.
“You can’t go to the other side of the river.
You have to go to where the money is, and there’s a huge market here, in Philly.”
The arena will also be home to a new youth development center.
Kostek said that the arena will serve as a gateway to the city, allowing the team to get the city on board with its development plans.
“It will be a gateway into the heart of Philadelphia, and then once they get to where they want to be, you’re just kind of walking out of that gate and going,” he explained.
Kenes and Kenets own the Philadelphia Flyers, but he said the Phillies’ ownership group is “very much committed to the team’s future.”
The new deal will give the Phillies an extra $5 million to help pay for the stadium, and to help the team build its brand, Kenes explained.
“That’s just about as much as the team is getting out of this deal, and I think that’s a great thing,” he added.
The team also will receive a $25 million contribution from the National Basketball Association, the largest single donation to a sports team in history, and a $2 million contribution to a non-profit that will help support Philadelphia’s children’s hospitals.
The league also announced the creation of a sports advisory board that will work with the city to develop a sports strategy.
Kenets said the Eagles have “done a fantastic job in the last couple of years of building a foundation, building a reputation, and developing a brand.”
But he also said that it’s “an ongoing process” to build the team up.
“I think the city has a great foundation,” he concluded.
The $500,000 annual donation will go toward the team, including paying for the $600 million renovation, which will also include a brand new arena.
The next step will be to get a new arena built, and Kostikhans hope that’s going to happen as soon as 2021.
“The whole goal is to have the new ballpark up and running as soon a possible,” he continued.
The Eagles have been in talks with several cities about their new sports complex, including Cleveland and Milwaukee.
Kastik said that Philadelphia will likely look to have a new team in place by the 2020 season, and that they have