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- Aug 26, 2011
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There's no demand for it. If there were, private investors would be begging to get involved on the project. They're not.
Building a world-class arena isn't a sign of urban status or social elevation. If it were, New Orleans and Detroit would be middle class meccas.
This is just stupid.
AGAIN ... this is the state of the world if you want to compete. In Nanoscience, for instance, New York State has committed $45 Billion to three new Chip Fabs. Why?
Chip Fabs used to cost $3 Billion. When the cost has gone up 5 times in a decade, the ONLY way you are in this business is if a Government entity steps up and you just do it with the power of the State Authority to do bonds to Public Markets. A Private Investor? No one is going to take the risk of a $15 Billion plant (Intel nor Global Foundries nor Taiwan Semiconductor nor etc etc). It just is too much.
Stadiums are now the same. You could build a Minor League Stadium for $10m. DO you think $60m is a different proposition? It absolutely is. So ... we only have X amount of Steve Ballmer's and they aren't in 93% of our US markets. Government has to do it.