What is the story about?
What's Happening?
The Buffalo Sabres have announced the continuation of their lease at KeyBank Center for an additional five years, extending their stay until September 2031. This decision follows a study by consulting firm Tripp Umbach, which highlighted the arena's significant economic impact, including a $694.2 million contribution in 2023, the creation of 3,822 jobs, and $48.6 million in taxes. Terry Pegula, owner and CEO of the Sabres, emphasized the arena's role as a cornerstone of Western New York's economy. Recent upgrades funded by Pegula include a new videoboard, roof, audio system, and enhanced security and concessions technologies. The Sabres aim to increase the number of events hosted at the arena, further driving economic growth in the region.
Why It's Important?
The extension of the KeyBank Center lease is crucial for the economic stability and growth of Western New York. The arena serves as a major economic driver, supporting thousands of jobs and generating substantial tax revenue. The Sabres' commitment to the region, through both the lease extension and private investments in arena upgrades, underscores the importance of sports and entertainment venues in local economic development. The increased programming and events at the arena are expected to attract diverse audiences, boosting tourism and local business activity.
What's Next?
The Sabres are in the early stages of developing a long-term plan for the KeyBank Center, which may include further renovations and a new lease agreement. Discussions with Erie County are anticipated, building on the successful public-private partnership seen in the construction of the new Highmark Stadium. The Sabres' focus on increasing event programming aims to fulfill the arena's potential as a key economic driver in downtown Buffalo.
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