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Hard Rock Stadium Revenues on the Rise

Hard Rock Stadium

With Miami Dolphins‘ games, renovations, and other events providing a boost, Hard Rock Stadium revenues have been on the rise.

Hard Rock Stadium first opened in 1987, but has been significantly modernized in recent years. A multi-phase renovation led by Dolphins owner Stephen Ross has resulted in numerous changes throughout the venue, including a canopy that covers much of the seating bowl, upgrades to the seating and premium areas, and more.

While continuing its traditional use for NFL and college football games–it is home to the Miami Hurricanes, in addition to the Dolphins–it is also being used for a wide array of events, with soccer and concerts among its non-football offerings. According to Fitch Ratings, the stadium’s total revenue was up by nearly 40% in the fiscal year that ended on March 31. More from the Miami Herald:

The building’s total revenue — driven mostly by Dolphins games, soccer matches, mega concerts and rent from the University of Miami — was up 39.7 percent in the fiscal year that ended on March 31 from the 12 months that preceded it.

That’s according to Fitch Ratings, who for the third year affirmed a BBB rating to the nearly $190 million remaining still owed by Ross, who used those funds to help pay for his half billion dollar stadium renovation. The Miami-Dade County Industrial Development Authority issued taxable and tax-exempt bonds, and South Florida Stadium, LLC, or Hard Rock Stadium, is the obligor for all debt service payments.

The stadium’s BBB rating is not perfect (the scale goes up to AAA), but reflects Fitch’s belief that Ross and Hard Rock are “a relatively low to moderate credit risk.”

Hard Rock Stadium is set to host more major events in the coming years, including the Miami Open tennis tournament starting next year, Super Bowl LIV in 2020, and the college football national championship game in 2021. The Dolphins also recently announced plans to develop a new training facility near the stadium, reflecting another layer of commitment to Hard Rock Stadium and the surrounding area.

Image courtesy Miami Dolphins.

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August Publications