Panthers stadium renovations could generate $22 billion economic impact
City leaders and tourism officials will discuss the proposed renovations on Wednesday.
CHARLOTTE, N.C. (WBTV) - Days after plans to renovate Bank of America Stadium were unveiled, travel and tourism officials will hold a news conference to talk about the impact the renovations will have.
The renovations would be funded by a public-private partnership between Tepper Sports and Entertainment (TSE) and the City of Charlotte. Under the partnership, TSE would contribute $150 million, and the city would contribute $650 million from the Convention Fund, which comes from a one-percent tax on hotel stays and restaurant bills.
If the city approves the plan, construction would start in 2025 and finish in 2029. A big selling point of the proposed renovations is of course economic development. When the architect of the plan laid it out for the Charlotte City Council, it included some impressive numbers.
According to the city, Bank of America Stadium generates more than $1 billion a year in economic impact and supports 9,000 jobs.
The city believes that if the improvements to the stadium are made, it would generate more than $1 billion in tax revenue, and would have a $22 billion total economic impact.
Revenue would come from more than just the Panthers and Charlotte FC. For years the stadium has hosted the Duke’s Mayo Bowl. In 2022, fans spent more than $8 million on hotels, restaurants and other expenses.
Last year’s Beyonce concert was the 10th highest revenue night for hotels in Mecklenburg County history.
The potential boost in revenue is something business owners and tourism and city officials are excited about.
“When you talk about the economic impact of TSE, and what it means for so many people that work in this industry, it goes without saying the hospitality and tourism are fully supportive of this agreement,” City Councilman Malcom Graham said.
Leaders and officials from the Charlotte Regional Business Alliance, Center City Partners, Charlotte Sports Foundation and other organizations will discuss the plans further Wednesday morning.
Related: Digging Deeper into the proposed $650M renovation for Bank of America Stadium
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