Last week, I told you that California's Stockton is now nearly $1 billion in debt as a result of a failed hockey arena that was going to revitalize the downtown and solve a crime problem. This morning, I told you that Reading's Sovereign Center is operating at a $700,000 loss. Now the WSJ reports that Kansas City, which built a $850 million entertainment district including yet another hockey arena to revive its downtown, generates less than one-third of the revenue needed to pay the bonds. City officials, of course, still consider it a smashing success.
Transformation? More likely, a bond rating downgrade.