KFC YUM Center Report Final
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Transcript of KFC YUM Center Report Final
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May 30, 2014
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Table of Contents
I. INODCION ........................................................................................ 1
II. OEIE OF KFCM!CENE................................................................ 2
III. D MEHODOLOG .............................................................................. 3
I. E EL ...................................................................................... 8
. ECONOMIC &FICAL IMPAC ANALI....................................................... 13
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I. Introduction
1
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II. Overview of KFC Yum! Center
2
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2010-11 2011-12 2012-13 2013-14(2)
Average
Total Events(1)
69 83 137 131 105
(1) Certain one-off local events in 2012/13 and 2013/14 were not considered in overall analysis.
(2) Budgeted information was included in 2013-14 numbers
Note: Original bond docum ents for KFC Yum! Center financing assumed 101 events in both 2012-12 and 2013-14.
Source: KFC Yum! Center Management, 2014
First Four Years of Operation
KFC Yum! Center Events
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III. Study Methodology
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III. Study Methodology
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III. Study Methodology
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Food & Merchandise WholesalerTransport CompanyManufacturers
Energy/UtilitiesNumerous Other Industries
Business ServicesHousehold SpendingGovernmental SpendingAll Other Economic Sectors
KFC Yum! Center RevenueAncillary Community Spending
The
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III. Study Methodology
6
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IV. Survey Results
9
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IV. Survey Results
10
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IV. Survey Results
11
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IV. Survey Results
12
,
,
, .
Local Attendees Non-local Attendees
Louisville Men's Basketball $21.13 $118.22
Concerts $13.43 $143.38
Family Shows $6.45 $123.02
Conventions $44.06 $278.81
Note: Represents out-of-arena spending over the course of the ev ent
Source: Intercept surveys, 2014
Out-of-Arena, Per-capita Spending
A , L $6.45 , $21.13 L M
B, $44.06 . N
. F L ,
$118.22 , $143.38 . A,
$278.81.
**********
KFC ! C
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V. Economic & Fiscal Impact Analysis
13
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2010-11 2011-12 2012-13 2013-14(1)
Louisville Men's Basketball 22 23 21 23
Concerts 16 18 22 26
Family Shows 13 18 24 19
Conventions 0 2 2 4
Other Sports/Tournaments 0 3 8 3Louisville Women's Basketball/Volleyball 18 19 32 26
Meetings & Banquets/Other 0 0 28 30
Total 69 83 137 131
(1) Budgeted information was included in 2013-14 numbers
Source: KFC Yum! Center Management, 2014
KFC Yum! Center Events, by Event Type
First Four Years of Operation
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V. Economic & Fiscal Impact Analysis
17
C .
Total Out-of-Arena Direct Spending
2010-11 2011-12 2012-13 2013-14(1)
Lodging $1,381,789 $4,823,086 $3,792,407 $10,166,647
Food & Beverage 10,620,692 13,098,801 12,912,275 16,617,905
Shopping 929,412 1,649,763 1,448,610 2,748,129
Entertainment 428,406 545,481 514,497 680,990
Transportation 673,714 772,930 779,100 874,615
Other 881,130 992,240 1,060,094 1,259,380
Total $14,900,000 $21,900,000 $20,500,000 $32,300,000
(1) 2013-14 numbers based in part on budgeted event and financial data
A , $14.9
C , $32.3 .
201213 201314
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V. Economic & Fiscal Impact Analysis
18
Other Arena Direct Spending
2010-11 2011-12 2012-13 2013-14(1)
Premium Seating $15,132,050 $13,141,096 $13,581,456 $13,990,096
Naming Rights 1,114,286 1,300,000 1 ,300,000 1,300,000
Sponsorships 3,861,740 2,756,732 2 ,855,023 2,756,732
Event Revenue 2,547,058 3,693,705 3 ,972,547 3,267,400
Other Income 55,058 96,218 167,364 352,340
Total $22,700,000 $21,000,000 $21,900,000 $21,700,000
(1) 2013-14 numbers based in part on budgeted event and financial data
I . H,
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2010-11 2011-12 2012-13 2013-14(1)
In-Arena Spending $38,994,428 $40,200,652 $42,579,442 $47,783,737
Out-of-Arena Spending 14,915,142 21,882,301 20,506,984 32,347,666
Other Arena Spending 22,710,192 20,987,749 21,876,390 21,666,567
Total $76,600,000 $83,100,000 $85,000,000 $101,800,000
(1) 2013-14 numbers based in part on budgeted event and financial data
Total Direct Spending
A, 201213
201314 .
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V. Economic & Fiscal Impact Analysis
19
C ,
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2010-2014
In-Arena Spending $169,558,259
Out-of-Arena Spending $89,652,093
Other Arena Spending $87,240,898
Total $346,500,000
Total Direct S pending - Four-year Cumulative Total
A ,
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IMPLAN
J C
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E I M J C
Industry Output Employment Earnings
Arena Operations 1.750 26.547 0.961
Hotel 1.457 12.062 0.458
Restaurant 1.477 20.070 0.599
Entertainment 1.470 22.362 0.722
Retail 1.401 21.444 0.651
Other Local Transit 1.470 22.396 0.827
Other Industries 1.411 12.232 0.574
Note: Employment multiplier is applied to direct spending divided by 1,000,000.
Source: Minnesota IMPLAN Group, 2014
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V. Economic & Fiscal Impact Analysis
20
.
KFC ! C , 2010
2014. ,
, .
E E I (2010 2014)
Total Direct Spending $346,000,000
Non-Local Attendee Direct Spending $101,000,000
Total Jobs
Non-Local
8,400
$162,000,000 Non-Local $77,000,000 2,200
Total Earnings$581,000,000
Non-Local
Direct Spending
Employee EarningsEconomic Output Employment
Total Output $299,000,000
A , KFC ! C,
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V. Economic & Fiscal Impact Analysis
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Current Tax
Tax Rates Collections
Sales Taxes:
State Sales Tax 6.00% $22,000,000
Other Taxes on Hotel Spending:Bond Debt Service (for 30 years or the retirement of all bonds) 2.00% 400,000
Louisville CVB funding 4.50% 900,000
Kentucky Center for the Arts 1.00% 200,000
Tourism, Meeting and Convention Marketing Fund 1.00% 200,000
Transient Room Tax (State sales tax on the other taxes) 0.51% 100,000
Occupational Fee on Earnings:
Portion allocated to local government 1.25% 3,400,000
Portion allocated to Louisville school board 0.75% 1,400,000
Portion allocated to Louisville TARC 0.20% 500,000
TOTALS $29,100,000
Summary of Tax Collections Generated by KFC Yum! Center OperationsFirst Four Years of Operations
A , $29.1
KFC ! C .
$22.0 6.0
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