Venue Detail
Washington Wizards
Revenues From Sports Venues Pro Facilities Report
February, 2011
Washington Wizards
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601 F St NW Washington, DC 20004 Phone: 202-661-5000 Fax: 202-661-5113 URL: www.nba.com/wizards
Owner
Abe Pollin and Ted Leonsis
League
National Basketball Association Eastern Conference, Southeast
Venue
Verizon Center, 601 F St NW, Washington, DC 20004-1605 Owner: Ted Leonsis Managed by: Washington Sports & Entertainment, LP Built: 1997 Capacity: 20,500 Permanent concession stands: 28 Concessionaire: Aramark Suite caterer: The Levy Restaurants Soft drink: Coca Cola Beer: Multiple
Building sponsors
Clubs/Restaurants: Yes
Naming rights
Sold to: MCI Price: $44, 000,000 Term: 13 years Expires: 2013
Ticket prices
Season tickets range from $405 to $21,600 Single tickets range from $40.00 to $850.00
Attendance
2007 average attendance: 18,372 2008 average attendance: 17,960 2009 average attendance: 17,157
Luxury Suites
Quantity: 114 Term: 1 to 7 years Price: $165,000 to $450,000 Seats: 12 to 18 Includes: Tickets for both the Capitals, Wizards and other ticketed events. The party suite holds 99 persons.
Club seats
Quantity: 2,300 Term: 2 to 4 years Price: $10,518 to $10,518 Includes: Tickets for NBA and NHL games, private dining.
Financing
The $200 million venue was privately financed. Pct. public: 0
The Verizon Center is the home of the NBA Wizards, the WNBA Mystics and the NHL Capitals. Four new luxury suites were added for the 2002 season, priced at $325,000 each per year.
The $200 million MCI Center opened in 1997 to rave reviews. It's named changed in 2006 in a merger of the two companies. It features more retail space than any other venue in the U.S., and includes a 25,000-square-foot Discovery Channel Store. The total retail space is 72,500 square feet. There is outdoor video and the venue is built next to a train station to help move fans in and out. Signs at the venue are sold as part of other sponsorship packages and are not broken out individually.
Wizards owner Abe Pollin, who built the arena with his own money, wants $50 million in public money to upgrade all or some of its 110 luxury suites and replace its outdated scoreboard, district officials said. Those and other improvements would be designed to attract special events, such as championship basketball and hockey games.
Pollin's company argues that the city should give the arena a financial boost as a reward for its role as a catalyst of the downtown renaissance, city officials said. The Verizon Center has served as the anchor of the neighborhood’s revival, a transformation into a bustling hub for restaurants and night life.
The company plans to more than quadruple the price of luxury suites, which have been leased for $100,000 annually since the arena opened in 1997. The new price will be $450,000 annually for 10 years. Leaseholders include The Washington Post, Clark Construction, Bank of America and Pepco.
Courtside seats for the Wizards are $750 each and main floor tickets are $110 per game. (Basketball, Facilities, Financial, NBA, Professional Sports)