What's Happening?
The Buffalo Sabres have announced the continuation of their lease at KeyBank Center through September 2031. This decision follows an agreement with Erie County, allowing the Sabres to extend their lease for an additional five years. The Pegula family, owners of the Sabres, have emphasized the arena's role as a growth vehicle for the city. COO Pete Guelli highlighted the arena's economic impact, citing a study that reported a $694.2 million contribution to the local economy in 2023, supporting 3,822 jobs and generating $48.6 million in taxes. The Sabres are planning to increase the number of events hosted at the arena, aiming for 200 annually, up from the current 140. Recent improvements include a new videoboard and roof, funded privately by owner Terry Pegula, along with a new audio system and enhanced security and concessions technologies.
Why It's Important?
The extension of the lease at KeyBank Center is significant for the economic landscape of Western New York. The arena serves as a cornerstone for local economic activity, providing jobs and generating substantial tax revenue. The Sabres' commitment to increasing event programming is expected to further boost downtown development and attract diverse audiences. This move aligns with broader efforts to enhance the region's economic vitality, supported by public-private partnerships like the construction of Highmark Stadium. The arena's role in hosting a variety of events, from sports to entertainment, positions it as a key driver of economic growth and community engagement.
What's Next?
The Sabres are in the early stages of developing a long-term plan for KeyBank Center, which will include further lease agreements and potential renovations. Discussions are underway to ensure the arena continues to serve as an economic driver for the region. The organization aims to expand its event offerings, attracting a wider range of audiences and increasing its impact on downtown Buffalo. Stakeholders, including Erie County officials, are likely to be involved in shaping the future of the arena, ensuring it meets the needs of both the team and the community.
