Venue Detail
Orlando Magic
Revenues From Sports Venues Pro Facilities Report
January, 2010
Orlando Magic
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One Magic Place Orlando, FL 32801 Phone: 407-916-2400 Fax: 407-916-2987 URL: www.orlandomagic.com Owner: Rich DeVos League: National Basketball Association Eastern Conference, Southeast
Venue
Amway Center, Orlando, FL Owner: City of Orlando Managed by: Owner Built: 2010 Capacity: 11,264 Concessionaire: The Levy Restaurants Suite caterer: The Levy Restaurants
Naming rights
Sold to: Amway Global Price: $40, 000,000 Term: 10 years Expires: 2019
Ticket prices
Season tickets range from $450 to $4,455 Single tickets range from $40.00 to $295.00 2007 average attendance: 17,094 2008 average attendance: 17,301 2009 average attendance: 17,900
Luxury Suites
Quantity: 60 Term: 3 to 10 years Price: $150,000 to $295,000 Seats: 16 to 16
Club seats
Quantity: 1,400 Term: 1 to 3 years Price: $4,725 to $5,400
Orange County joined Orlando in approving a $1.1 billion plan to build a new arena for the Magic, make upgrades to the Citrus Bowl and create a new performing arts center. Work began on the arena, but the two other projects have been put on hold until economic conditions improve.
The agreement will pay for the new venues from a mix of tourist taxes, downtown property taxes, private contributions and other sources.
The deal brings a new home court and a 25-year lease for the Magic, an arts center with three state-of-the-art performance halls and an extensive renovation for the aging Citrus Bowl stadium.
The $480 million arena is the most expensive project, and it will sit on the West Church Street and Hughey Avenue block downtown.
It's projected to be more than twice the size of the former arena, with about 750,000 square feet, and will hold more than three times the number of luxury suites. The old Amway Arena will be sold and could be torn down.
In addition to a last-minute public gymnasium agreement, the team is pledging to pay $50 million plus interest upfront, lease payments with a present value of $12 million, plus other revenue, bond and insurance guarantee provisions. The team also promises to cover cost overruns.
Magic owner Rich DeVos also promised to contribute $10 million to help build the performing-arts center.
The Magic’s new arena will have 66 loge boxes. The four-seat units sell for $40,000 annually and six-seaters for $60,000. (Facilities, Financial, Professional Sports, Venue)