Heavy Lifting - thoughts and web finds by an economist
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Friday, April 02, 2004
Public stadium subsidies gone bad...
The Cincinnati Bengals got a new stadium in 2000, at the bargain-basement price of $420 million. Now, the city seems to be having second thoughts about giving the stadium away. Principals for the city now claim that the "Bengals illegally used their pro football monopoly to force Hamilton County to build them a new stadium" (emphasis mine).
Sports economists have long been convinced that new stadiums do not lead to significant increases in economic development or other easily measured public benefits, notwithstanding the silver-tounged rhetoric that is often used to convince the public that a new stadium is a good idea. It is good to see some cities have buyer's remorse - spread the word!
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