Are sporting event ticket prices increasing because of the new stadiums being built?
“$1.5 billion stadium filled with all the hallmarks of 21st-century sports extravagance” The Wall Street Journal describing the new New York Yankees stadium. The New York Yankees weren’t the only ones who have spent over a billion on their new stadium; the Dallas Cowboys of the NFL have spent a total of $1.1 billion. With new stadiums costing over a billion dollars, ticket pricing increase to make a profit for the teams. Teams with these mammoth stadiums aren’t even selling every seat in their stadium which can cause a huge problem with profits, “Yankees, re-designating seven unsold suites as party suites, sold on a game-by-game basis” states The Wall Street Journal. Overall, ticket prices for sporting events are increasing because of new extravagant stadiums.