Sacramento's Golden 1 Center "exemplary example of great economic development," expert says
SACRAMENTO — It was a decade ago when Sacramento first broke ground on downtown's Golden 1 Center, and research is showing the growing impact it's having on the local economy.
The Golden 1 Center (G1C) hosted 127 events in the last year. In addition to Sacramento Kings games, it featured dozens of other shows with total attendance topping 1.5 million people.
Barry Broome with the Greater Sacramento Economic Council said he believes the arena's impact has exceeded anyone's expectations.
"It's the single most successful sports facility in the United States," he said.
Broome said a new report shows how the arena helps boost Sacramento's economy. It brings in approximately $13 million in direct taxes annually as well as "hundreds of millions of dollars in broader economic impact."
Broome added that the arena has also provided more than 2,000 jobs.
The study says the average person spends $237 per event. Mid-week shows like Tuesday's Bad Bunny concert are especially helpful for nearby hotels and restaurants.
"The concerts are always busy and it's great to see Sacramento is getting recognized as a place to come," said Haley LeDuc of Polanco Cantina, which sits across from the G1C in the Downtown Commons.
This year marks the tenth anniversary of the groundbreaking for the arena.
Local leaders promised to protect taxpayers when they voted to contribute more than $250 million. But today, lease and parking revenue has been lower than forecast, and millions of dollars that could be spent on parks and public safety is now going toward paying off the debt.
"In the last two years, the city's had to pay about $5.7 million out of their general fund money, but during that two-year period, Golden 1 paid $26 million in taxes," Broome said.
Supporters say the overall economic impact is proving the arena is still a success.
"I can't imagine a more exemplary example of great economic development than Golden 1," Broome said.
Average attendance at regular season NBA games last year was 17,440 people, and it's expected to increase this year.