verizon center :: essays research papers

Building facilities like the Verizon Wireless arena and other large sporting and special event venues can be costly. The cost of the Verizon Wireless Arena cost roughly $60 million dollars to compose. Many factors go into this finalized $60 million dollar facility, such as the cost per square foot, the cost per A and B space, and operational costs. To figure out how much money goes into the arena, it is important to keep track of how much income is generated and what forms of marketing and fundraising are done to promote and create profit for the facility. The Verizon Wireless arena has 230,000 sq. feet, which makes the cost of the facility, $260.87 per square foot. There is a vast amount of costs associated with the operation of the arena, for example: The furniture, fixtures, and equipment purchases- everything from the folding chairs, tables, basketball court, hand tools in the shop, office computers, Zambonis and the scoreboard are just some of the items off a list that is seven pages long in very small print. Other overhead costs include water, sewerage, electricity, phone service, internet access, natural gas, cable TV, staff salaries, and benefit packages. In order to upkeep all the equipment and technology the facility has daily operational costs, these include: labor and materials to repair damage, upgrading of current systems, maintain capitol equipment and perform preventative maintenance. In addition, each event within itself has its own related costs such as: labor and material that are requested by the event that are used exclusively for the event, for example: propane gases for pyro special effects, business equipment the show needs that we rent locally (copiers, fax machines, etc.), labor to convert the facility from hockey to concert mode, event housekeeping, event staff (security, ushers, supervisors, ticket takers, etc.). In order to stay in business a facility must make a great amount of income to flourish in its industry. There are many forms of incoming profits from many sectors of the arena. The most important form is Patron generated sales: tickets, premium seat packages these packages are VIP suites, party suites and club seating. Food and Beverage help to keep the customers satisfied while being entertained by events and is a big money maker. Merchandise is sold at each event and the arena even has its own store for Monarch hockey gear and the football arena team the Wolves sell souvenirs as well.