ORLANDO, Fla.,None — The new Amway Center was supposed to provide a boost to Orlando's economy but so far that isn't exactly what has happened.
Some people would call the new Amway Center the best arena in the NBA. But Eyewitness News found out the new facility is pulling in a lot less money than the old Amway Arena.
"My first reaction was I thought the city should be making a lot more money," said Orlando Commissioner Phil Diamond.
WFTV took the Arena's balance sheet to Diamond, the one city commissioner who voted against the Amway Center plans.
"Unfortunately I think the city made a bad deal," explained Diamond.
In the Amway Center's first quarter, it pulled in close to $4.7 million in revenue, roughly the same as the Amway Arena in the previous year. But the Amway Center's expenses are $1.3 million more than the old arena. In the end, the Amway Center had only $34,000 worth of net income. The old Amway Arena made over $1 million in the same amount of time, 30 times more than the Amway Center.
"It seems to me if you're going to invest $400 million in a new arena, you ought to be making more money, not less," said Commissioner Diamond.
A spokeswoman for the Mayor says the Amway Center is three times larger than the old one, making it cost more to operate.
When asked when the Amway Center might start turning a better profit, city officials said they would not speculate on that.
At this point the Amway Center is not running at a loss, but Diamond worries it soon could, and residents would be left to pay the bill.
"Well I think it's going to fall on the backs of the taxpayers," said Diamond.
WFTV
