Review of Needs, Local Market Analysis and Economic Impact Analysis
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UNLV Campus Improvement Authority Board Review of Needs, Local Market Analysis and Economic Impact Analysis March 7, 2014 1 STUDY PROCESS TEAM INFORMATION 3 LEGENDS ORGANIZATION CHECKETTS PARTNERS INVESTMENT FUND 4 ABOUT MARKET FEASIBILITY • Industry-leading sports & entertainment facility feasibility advisor CSL International • Founded in 1988 by former Partners, Directors & Consultants with Coopers & Lybrand (now PwC) Sports Practice • Based in Dallas, TX • Over 150 years of collective experience • Over 1,000 feasibility studies completed • Proven track record with credibility in the marketplace • Independent, unbiased research and analysis • EXPERTISE: Market Demand, Facility Program, Financial Feasibility, Marketing Strategies, Operational Reviews, Economic Impacts, Funding Plans, Valuations, Business Plans 5 PROJECT TEAM ADAM BILL RHODA KERNS PRINCIPAL, CSL INTERNATIONAL PROJECT MANAGER, CSL INTERNATIONAL John Mike Ted A. Restrepo Wooley Ferris Principal Partner Principal 6 PROJECT TIMELINE DELIVERABLE SCHEDULE ON OR BEFORE ON OR BEFORE FeBRUarY 27, 2014 MAY 22, 2014 1. Review of the Needs and Economic Impact Analysis a. Analysis of Review of Historical UNLV Venues Operations 6. Review of Pro-Forma Assumptions b. Review of Local Market Area c. Review of Email Survey – Las Vegas Corporations, d. Fortune 500 Companies, UNLV Season Ticket holders ON OR BEFORE 2. Review of Previous Economic Impact Study JUNE 26TH 7. Review of Funding Model 8. Recommendation on Overall Feasibility ON OR BEFORE 9. Development of Legislative Recommendations MarCH 27, 2014 3. Update on Needs Assessment a. Review of Market Surveys ON OR BEFORE b. Venue Building Event Estimates JULY 24TH 4. Facility Program Assumptions 10. Draft Report Delivered ON OR BEFORE ON OR BEFORE APril 24, 2014 SEPTEMBER 25TH 5. Estimated Building Costs 11. Final Report Delivered 7 UNLV CAMPUS IMPROVEMENT AUTHORITY PROPOSED WORK PLAN (OCTOBER 2013 – SEPTEMBER 2014) I. ORGANIZATIONAL ISSUES AND BACKGROUND II. NEED AND III. FACILITY PROGRAM IV. ESTIMATED COSTS ECONOMIC IMPACT ASSUMPTIONS VI. FINANCING V. PRO-FORMA VII. FEASIBILITY ASSUMPTIONS ASSUMPTIONS VIII. LEGISTLATIVE IX. FINAL REPORT RECOMMENDATIONS 8 PERSONAL INTERVIEWS STAKEHOLDER MEETINGS: • To better understand the impact and role within the local • CIAB Board Members community that the proposed UNLV stadium could have, CSL • Regents interviewed local community stakeholders for their opinions • Resort Industry Representitives about the proposed project • LVCVA • Las Vegas Events • These meetings established a knowledge base from which • Other Representatives CSL will draw from throughout the project • Personal interviews provided insight on the thoughts, and primary interests and concerns of varying parties impacted by the potential stadium development • CSL will be available to meet with additional stakeholders as the project team deems necessary 9 TELEPHONE INTERVIEWS SPORTING EVENT SPORTING EVENT PROMOTERS: • CSL will conduct interviews with key event PROMOTERS: • Source One Entertainment promoters • NFL • Las Vegas Sevens • NCAA • Nevada Interscholastic Activities • Interviews are designed to determine the Association • ESPN – Las Vegas Bowl interest in bringing major events to the • Other local/regional amateur sports • Mountain West Conference proposed stadium organizations • Pac-12 Conference • Questions will address: • SUM CONCERT & FamilY • Planet Futbol SHOW PROMOTERS: • Ideal seating capacity • South Valley Partners • Live Nation • Impressions of Las Vegas market • Justice Entertainment Group • AEG • Orbis Financial Group • Nederlander • Required building program components • Las Vegas Locos • Feld Entertainment • Expected event attendance • Top Rank • VEE Corporation • Overall intent on bringing events • UFC • Other major event • WWE promoters as necessary • Other such issues • PBR • Golden Boy Promotions 10 EMAIL SURVEY POPULATIONS: EMAIL/TELEPHONE Athletic Specific – 31,241 SURVEY PROCESS MBB Season Ticket – 2,829 Football Season Ticket – 986 CSL will distribute an email survey to student, faculty, alumni, athletic and university UNLV Tickets – 100,000 donors, corporate sponsors, and current season ticket holders. Alumni Association – 60,000 CSL will also conduct telephone surveys directed toward the corporate community in the Las Vegas market and high-income households that may not currently be affiliated with UNLV. TELEPHONE SURVEY POPULATIONS: The survey will allow CSL to: Corporate Community– 911 • Develop key insights related to the overall interest in the stadium High-Income Household – 44,562 • Estimate demand for potential seating products Survey Questions will address: • Attendance History SURVEY COMPLETES: • Seat Location Student 130 • Current Facility Satisfaction Stadium Survey • New Stadium Attitude • Interest in Seating Concepts • Rebel Athletic Fund Donors 364 • Seat Location Preference • FB/MBB Season Ticket Holders 117 • Pricing • FB/MBB Occasional Ticket Buyers 321 • Lease Terms • Other Respondents 907 • Desired Design Features Total Stadium Survey Respondents 1709 • Importance of Amenities • Interest in Corporate Sponsorship • Demographic Data • Other Input 11 HISTORICAL UNLV 2 VENUE ANALYSIS SAM BOYD STADIUM UNLV FOOTBALL, USA SEVENS RUGBY, LAS VEGAS BOWL • Opened in 1971 at a cost of $3.5 million • Current capacity of 40,000 YEAR OPENED 1971 • Renovated in 1998 LOCATION LAS VEGAS, NV • 9,000 seats SEATING CAPACITY 40,000 • New concourse TENANTS: UNLV FOOTBALL, USA SEVENS RUGBY, • Upgraded restrooms, concession stand and a new playing surface. LAS VEGAS BOWL • 16 suites OWNER UNLV • 488 club seats OPERATOR UNLV • 13,800 parking spaces • Average of 18 events per year PROJECT COST $3.5 MILLION • UNLV Football, Las Vegas Sevens, the Las Vegas All-American Classic, the AMA Supercross Series Finals, the Monster Jam World Finals. • 212,000 in total attendance per year • Utilizes 90 acres of leased county land for parking 13 SAM BOYD STADIUM UNLV FOOTBALL, USA SEVENS RUGBY, LAS VEGAS BOWL 14 THOMAS AND MACK CENTER UNLV BASKETBALL, NATIONAL FINALS RODEO • Capacity of 18,876 for basketball. • 19,400 for boxing events and center stage concerts. YEAR OPENED 1983 • 30 suites - 10 to 20 guests. LOCATION LAS VEGAS, NV • No club seating. SEATING CAPACITY 19,400 • 6,300 parking spaces. • Average of approximately 125 events per year over. TENANTS: UNLV BASKETBALL, NATIONAL FINALS RODEO • Average annual attendance - 640,000. • UNLV accounts for 27% of event activity and 20% of total attendance. OWNER UNLV • Plans for a $47 million renovation. UNLV OPERATOR • State appropriated funds. PROJECT COST $3O MILLION • Widening of the concourse, additional escalators. • Mechanical/electrical work. • New arena seating and locker room and restroom upgrades. 15 COX PAVILION UNLV WOMEN’S BASKETBALL & VOLLEYBALL • Opened in 2001 at a capacity of 2,500. YEAR OPENED 2001 • Naming rights. LOCATION LAS VEGAS, NV • $5 million deal with Cox Communications SEATING CAPACITY 2,500 • Host an average of 45 events per year. • Basketball, volleyball, boxing, concerts and family shows. TENANTS: UNLV WOMEN’S BASKETBALL & VOLLEYBALL • Non-University event levels have increased. UNLV OWNER • NBA Summer League games. OPERATOR UNLV • Total attendance at Pavilion events 37,000 per year. PROJECT COST $16.8 MILLION • 31% UNLV related events. 16 AVERAGE FOOTBALL ATTENDANCE COMPARISON SAM BOYD STADIUM Pac-12Pac 12Attendance Attendance MountainMountain W Westest Attendance Attendance Average Percent to Average Percent to ATTENDANCE COMPARISON Rank University Capacity Attendance Capacity Rank University Capacity Attendance Capacity TO MOUNTAIN WEST AND 1 Oregon 53,800 57,660 107.2% 1 Boise State 36,387 34,366 94.4% 2 Stanford 50,424 50,726 100.6% 2 Utah State 25,513 23,263 91.2% PaC 12 SCHOOLS 3 Utah 45,017 45,194 100.4% 3 Fresno State 41,031 36,917 90.0% • UNLV ranks 11th among Mountain West schools. 4 Washington 70,138 68,769 98.0% 4 San Diego State 39,224 33,224 84.7% • 9,545 below the average. 5 Arizona State 66,000 62,689 95.0% 5 Nevada 30,000 24,939 83.1% 6 Oregon State 45,674 42,964 94.1% 6 Air Force 46,692 32,652 69.9% • UNLV ranks last among Pac 12 schools. 7 Washington State 32,740 29,738 90.8% 7 Wyoming 29,181 19,476 66.7% • 35,835 below the average. 8 Arizona 56,037 47,619 85.0% 8 Hawaii 50,000 30,989 62.0% 9 California 62,467 49,329 79.0% 9 New Mexico 39,224 23,537 60.0% 10 USC 93,607 73,126 78.1% 10 Colorado State 32,500 18,600 57.2% 11 UCLA 92,542 70,285 75.9% 11 UNLV 40,000 17,212 43.0% 12 Colorado 53,613 38,463 71.7% 12 San Jose State 70,561 16,362 23.2% 13 UNLV 40,000 17,212 43.0% Average 40,028 26,757 71.1% Average 60,172 53,047 89.7% 17 EVENTS & ATTENDANCE NUMBER OF EVENTS AVERAGE ATTENDANCE • THOMAS AND MACK CENTER - 50 • THOMAS AND MACK CENTER - 24,530 • COX PAVILION - 39 • COX PAVILION - 1,473 • SAM BOYD STADIUM - 23 • SAM BOYD STADIUM - 13,106 2012-2013 Events & Attendance Thomas and Mack Center Cox Pavilion Sam Boyd Stadium Average Total Average Total Average Total Event Type Events Attendance Attendance Events Attendance Attendance Events Attendance Attendance Football 0 0 0 0 0 0 7 10,356 72,493 Basketball 22 15,548 342,065 15 421 6,316 0 0 0 Concerts 2 3,010 6,020 0 0 0 0 0 0 Family shows 16 6,855 109,685 3 1,516 4,547 0 0 0 Other sports 7 16,951 118,658 20 2,862 57,239 11 15,856 174,418 Rodeo Events 15 14,349 215,235 0 0 0 0 0 0 Other UNLV Events 3 11,667 35,000 1 1,095 1,095 0 0 0 Local Events 2 2,018 4,036 0 0 0 0 0 0 Other events 8 12,007 96,059 0 0 0 5 N/A N/A TotalTotal 7575 10,301 926,758 3939 1,473 69,19769,197 2323 13,10613,106 246,911246,911 18 UNLV FACILITY EVENTS ThomasThomas & &Mack Mack Center Center Events Events Turnstile Event Attendance UNLV Basketball 342,065 Sam BSamoyd Boyd Stadium Stadium Events Events National Finals Rodeo 160,631 Turnstile MWC Basketball 60,300 Event Attendance Professional Bull Riding 54,604 UNLV Football 72,493 High School Graduations 54,354 USA Sevens Rugby 46,128 DOI Dare to Dream 41,932 Monster Jam 27,152 DOI Treasure Trove 29,765 Supercross 27,050 Ringling Brothers Barnum and Baley Circus 25,612 MAACO LV Bowl 20,466 UNLV Spring Commencement 21,000 WCS - Real Madridvs.