This is my favorite line in the story: "[AEG President Tim] Leiweke said the strong, concert-fueled profits at the arena during the fiscal year that ended July 31 means AEG can be more selective about pursuing an NHL or NBA franchise for the facility."
Wow. More selective?
Apparently the problem isn't AEG's absolute failure to attract a tenant. Evidently AEG is swarmed by sports franchises just begging for the opportunity to relocate to the Sprint Center — AEG's only problem is choosing which one is the best fit.
Anyway, after realizing their contractual 16% profit, they split the excess with the city — $1,800,000.
Arena cost: $276,000,000
Profit: - 1,800,000
Remainder $274,200,000 (paid by car rental and hotel room taxes)
That means the city's "profit" averages a whopping $4,931.51 per day. Wow! Awesome work, AEG.
I bet the average McDonalds makes more money.