From @infoarbitrage on the rising importance of real estate and neighborhood development for sports teams: "Every single stadium project over the past decade has had a significant real estate component. They're becoming entertainment districts. In some cases, entire neighborhoods are being built. This gives these projects a much longer time horizon. But the payoffs can also be much bigger. It becomes a question of renovate or building net-new. And you need to make sure you can tap into these ancillary revenue streams to improve the economic picture. And if you can't, you need either a great deal on renovation or a new lease from the municipality. Or you may just look for another place to play. And this dynamic is creating both tension and opportunity. And it's playing out with every new stadium project."