This is quite the spreadsheet for a multi-million dollar business (Full Doc: Denty-2018-Finances)
I have asked since the place has opened what their yearly sales are. If I had to guess, looking at the sales tax paid (3 pennies) it would be around $55 Million. Where does that money go? Straight out of town to artists, promoters and to Ovation’s coffers (they are the concession provider). We get back a whopping $3.7 million in which $2.1 million (the net operating income) goes into a revolving fund the city has in their bank account but that SMG controls.
Am I the only one that has noticed that the economy in Sioux Falls has been staggering ever since the Denty opened? Well, when you send $55 million straight out the door of our community each year, it has an effect and not a good one.
The $55 million you are guessing at is just a tip of the disaster we call the Denty effect. The $55 million needs to calculated by a real economist to realize the value of multiplier effect when money is controlled locally for as long a period as possible. The Argus is telling the depressing story of the Empire Mall. Look at all the empty retail on 41st St and other main drags in the central part of town.
Over $200 million has been taken out of the region just by one building and the management group wants us to spend more on the complex so they can take more from us.
The building has taken another $50 million out of the CIP budget to cover the cheap way our then mayor tried to make it shiny. Whenever you fall into a pothole or hit a chunk of road concrete think about the cheap ways of the past administration. That mayor was going to be gone before we could blame the mess on him. What’a plan.
The first thing the EC should do is to find ways to take care of our local businesses and families. If it takes a new management group then so be it.
The Denty has done nothing to help make the town successful. After the musical one hit wonders leave town with our futures, we still have the credit card bills to pay and low wages to do it with.
First Walmart, then Amazon, and now country western stars, who would have thought?
“This sounds like a good ballad to me…”
In addition to the Smithfield smell:
https://www.youtube.com/watch?v=VFCS218pkCQ
The City (we the taxpayers) need to get out of these loser deals. The Denty has been a loser and will get worse with each passing year. The Tennis Center, the MAC and the Pavilion are in even worse shape. Add a theatre and new green space (Lotta and Rose street purchase) and we just keep getting in deeper. No wonder our property taxes are out of control
As long we all send our money to Amazon.com, walmart.com, chewy.com and everything else .com, local retail will struggle. Instead of circulating through our community in the forms of local wages, local sales tax (and property tax), etc, our money flows to stockholders across the country. We are and will continue to pay the price for not supporting local business.
you can blame amazon, but if no one else has it, where are we supposed to buy it?
Matt Staab…exactly why I have never been in the denty, and never will. Millions leave this town, never to be seen again with each time a blast from the past is scheduled.
Hey, Cher is coming. She’ll make ‘Gypsies, Tramps, and Thieves’ the anthem for Sioux Falls government. But every night credit card companies will come around and make you lay your minimum payment down.
Oh that’s right! The city was supposed to get rich and debt free when we built that venue. We aren’t? Say it isn’t so; take that back!
Where are those high paying jobs Mayor.Is 9 bucks good enough.