The opening of the Intuit Dome is poised to significantly enhance the fan experience by providing tailored features that prioritize visitor convenience and connection with the team.
Innovative financing strategies are crucial for developing modern sports infrastructures, allowing teams to create additional revenue streams while enhancing the overall game-day experience.
Deep dives
The Challenges of Being a Third Tenant
The Los Angeles Clippers faced numerous challenges while playing at Crypto.com Arena, mainly being the third tenant behind the Lakers and the Kings. This situation led to unfavorable game schedules that included many day games and holiday matchups, which were less appealing to fans. As a result, the Clippers experienced a competitive disadvantage in terms of performance and financial stability. These constraints heavily impacted their overall attendance and revenue generation as they navigated through a crowded sports schedule.
The Introduction of the Intuit Dome
The opening of the Intuit Dome signifies a transformative shift for the Clippers, providing them with a dedicated, state-of-the-art facility tailored to their needs. At $2.4 billion, it is the most expensive arena globally, designed primarily with the basketball experience in mind. Unique features include enhanced restroom access and concession facilities, enabling smoother fan experiences during peak times such as halftime. This meticulous planning aims to create an intimate and exciting environment while ensuring fans can easily navigate the space.
Innovations in Fan Experience
The Intuit Dome is designed to elevate the fan experience, treating every visitor as a VIP regardless of their seat location. One innovative feature includes the Game Face ID system, allowing fans to enter the arena seamlessly by recognizing their selfies. This personalized approach enhances the guest experience, fostering a sense of connection with the team. Overall, the focus on exceeding fan expectations aims to transform how attendees perceive and interact with the Clippers.
Financing the New Era of Sports Facilities
Building modern sports infrastructures like the Intuit Dome involves significant investment and innovative financing strategies. The financing models have evolved, allowing teams to leverage revenue from various sources, including naming rights and advanced concession management. These facilities aim to generate additional revenue streams while enhancing the game-day experience with diverse dining options and premium spaces. The concept of community and economic development has taken priority, ensuring that these venues serve as multifaceted attractions beyond just game days.
In the third episode of a four-part series on the changing dynamics in the business of sports, host Nicole Pullen Ross discusses the physical fan experience with Greg Carey, Global Co-Head of Sports Investment Banking, and Stacy Sonnenberg, Head of Global Sports Finance. They discuss what’s driving interest in the new sports-entertainment complexes, the creative ways of financing these infrastructure projects, and what it all means for teams and their fans. Nicole is also joined by Gillian Zucker, CEO of Halo Sports and Entertainment and President of Business Operations for the LA Clippers, to discuss how the team intends to make its new home — the Intuit Dome — a “basketball mecca.” Nicole Pullen Ross is Head of Sports and Entertainment for Goldman Sachs Private Wealth Management. She is also Head of the Private Wealth Management business for the New York region at Goldman Sachs.
