$450M Superdome renovation likely to take a year longer due to 'current financial situation'

SmashMouth · 04-10-2021, 08:43 PM

The multi-year, $450 million renovation of the Mercedes-Benz Superdome likely will take a year longer than originally proposed because of coronavirus-related budget shortfalls.

A detailed and concrete timeline will depend on the Louisiana Stadium and Exposition District's revenue rebounding, said ASM Global's business operations director Evan Holmes.

Holmes said Wednesday during a House Appropriations Committee meeting that they "took a step back from the renovation project," and Thursday afternoon he clarified those comments to The Times-Picayune | New Orleans Advocate.

"My comment about stepping back does not suggest that we're stepping back as in running away from the project," Holmes said. "It was in the sense that we took a step back to evaluate the project given the current financial situation."

Because of the pandemic, the LSED lost nearly $75 million in revenue, Holmes said. Sixty-five percent of the LSED's operating budget comes from hotel occupancy taxes, and 35% comes from events at the facilities it manages. Most of those events, like concerts, festivals, and special events — such as hosting the Harlem Globetrotters, monster truck rallies and SEC and NCAA-sanctioned sporting events — were canceled in the past year.

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04-10-2021, 08:43 PM	#1
SmashMouth I donated, did you? Join Date: Sep 2007 Location: Mandeville, LA Posts: 38,477 Blog Entries: 29	$450M Superdome renovation likely to take a year longer due to 'current financial situation' The multi-year, $450 million renovation of the Mercedes-Benz Superdome likely will take a year longer than originally proposed because of coronavirus-related budget shortfalls. A detailed and concrete timeline will depend on the Louisiana Stadium and Exposition District's revenue rebounding, said ASM Global's business operations director Evan Holmes. Holmes said Wednesday during a House Appropriations Committee meeting that they "took a step back from the renovation project," and Thursday afternoon he clarified those comments to The Times-Picayune \| New Orleans Advocate. "My comment about stepping back does not suggest that we're stepping back as in running away from the project," Holmes said. "It was in the sense that we took a step back to evaluate the project given the current financial situation." Because of the pandemic, the LSED lost nearly $75 million in revenue, Holmes said. Sixty-five percent of the LSED's operating budget comes from hotel occupancy taxes, and 35% comes from events at the facilities it manages. Most of those events, like concerts, festivals, and special events — such as hosting the Harlem Globetrotters, monster truck rallies and SEC and NCAA-sanctioned sporting events — were canceled in the past year. more on NOLA Attached Thumbnails