What is the story about?
What's Happening?
The Buffalo Sabres have announced the continuation of their lease at KeyBank Center through September 2031. This decision comes as part of an agreement with Erie County, allowing the team to extend their lease for an additional five years. The Sabres' COO, Pete Guelli, emphasized the arena's role as a cornerstone of the economy in Western New York, citing a study that reported a $694.2 million economic impact in 2023. The arena has hosted approximately 140 events in the past year, with plans to increase this number to 200 annually. Recent improvements include a new videoboard, roof, audio system, and enhanced security and concessions technologies.
Why It's Important?
The extension of the lease at KeyBank Center is significant for the local economy, as the arena serves as a major economic driver in Downtown Buffalo. The Sabres' commitment to increasing programming and hosting a variety of events is expected to attract diverse audiences, thereby boosting local businesses and creating jobs. The Pegula family's investment in the arena and its surrounding area underscores their dedication to fostering economic growth in Western New York. The arena's impact extends beyond sports, contributing to the cultural and entertainment landscape of the region.
What's Next?
The Sabres organization is in the early stages of developing a long-term plan for KeyBank Center, which includes further renovations and the next phase of the lease agreement. This plan aims to enhance the arena's facilities and expand its programming to include a wider range of entertainment acts. The foundation for these discussions is supported by a successful public-private partnership with Erie County, which previously facilitated the construction of the new Highmark Stadium. The Sabres' continued investment in the arena is expected to drive further economic development in the Cobblestone District.
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