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No Hockey In Glendale Means Loss Of Income

from Sarah Pringle of Cronkite News,

McFadden’s Restaurant and Saloon at Westgate City Center usually commands a full house before and after Phoenix Coyotes games at the adjacent Jobing.com Arena.

The National Hockey League lockout is costing McFadden’s between $18,000 and $25,000 per game, according to manager Aaron Hernandez.

“We’re missing out every game,” Hernandez said. “Usually Westgate is flourishing by now.”

continued

Filed in: NHL Teams, d, NHL Talk, | KK Hockey | Permalink
 

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awould's avatar

The lockout may provide a glimpse of what life is like in Glendale’s city coffers without the Coyotes to anchor that arena.

Posted by awould on 11/13/12 at 10:33 PM ET

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The lockout may provide a glimpse of what life is like in Glendale’s city coffers without the Coyotes to anchor that arena.

I don’t think whether or not the Coyotes revenue would be missed or not was the issue.  I think the issue was whether the Coyotes revenue was a greater impact than the tax burdens necessary to float the teams 8 figure operational losses.

So sure, the restaurants and business located right by the arena are going to get hammered pretty hard.  The question is whether it’s worth it to go through this…

http://www.azcentral.com/community/glendale/articles/2012/02/02/20120202glendales-bond-refinancing-didnt-live-up-hopes.html

... in order to save them:

“The city sold $8.7 million in excise-tax revenue bonds instead of the $58 million it had hoped.

The bonds struggled on the market after Moody’s Investors Service downgraded the city’s bond rating, citing uncertainty over the Phoenix Coyotes future at the city-owned arena and that Glendale has pledged $50 million to the National Hockey League the past two years to manage the team and arena.”

...

“The bond-rating agency revised the city’s outlook from stable to negative, which means that for the next couple of years there remains risk of another downgrade. Moody’s noted that the rating could drop if the city continues to subsidize the hockey team’s losses.”

But hey, how about that McFadden’s.  Great fries and a nice selection of beers on tap.

Posted by HockeyinHD on 11/14/12 at 06:19 AM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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