City leaders in Charlotte, N.C., unveiled findings of a report showing that a planned $800 million renovation of the Carolina Panthers' Bank of America Stadium would have a positive impact on the local economy.
According to the city, Bank of America Stadium generates more than $1 billion a year in economic impact and supports 9,000 jobs, and the latest study shows that the proposed stadium renovations would generate more than $1 billion in tax revenue, and would have a $22 billion total economic impact.
City leaders in Charlotte, N.C., unveiled findings of a report showing that a planned $800 million renovation of the Carolina Panthers' Bank of America Stadium would have a positive impact on the local economy.
According to the city, Bank of America Stadium generates more than $1 billion a year in economic impact and supports 9,000 jobs, and the latest study shows that the proposed stadium renovations would generate more than $1 billion in tax revenue, and would have a $22 billion total economic impact.
According to WBTV, revenue would come from more than just the Panthers and Charlotte FC. For years the stadium has hosted the Duke’s Mayo Bowl. In 2022, fans spent more than $8 million on hotels, restaurants and other expenses.
The Charlotte hospitality industry is particularly supportive of the plan.
“When you talk about the economic impact of TSE, and what it means for so many people that work in this industry, it goes without saying the hospitality and tourism are fully supportive of this agreement,” City councilman Malcom Graham said.
Tepper Sports & Entertainment, which owns the Carolina Panthers, and the city of Charlotte this week unveiled a partnership that would see the city contribute $650 million toward renovations of Bank of America Stadium.
Details of the plan follow:
- Renovation would cost US$800 million in total, with TSE investing $150 million in the project and covering potential overages
- Charlotte’s $650 million contribution would come from existing hospitality and tourism tax, which legally must be spent on projects that drive visitors to the city
- Development would not lead to any increased or new taxes
- Proposed deal includes a 20-year non-relocation agreement, which would keep the Panthers in Charlotte for foreseeable future
- TSE estimates it will spend a further $421 million on capital improvements over the term of the deal
- Renovation will see new seats installed throughout the stadium bowl, expanded team store, upgraded video and audio systems, including the scoreboard and video board, improved accessibility, venue safety and security enhancements, and upgraded restrooms
- Other plans include a reimagined south lawn pavilion area that would be used for community gatherings and as an outdoor classroom, as well as modernised infrastructure that would make the venue more sustainable
