Doug Thornton, regional vice president of SMG, which operates the Superdome and nearby New Orleans Arena, told the state House Appropriations Committee last week that the Louisiana Stadium and Exposition District is facing a $26 million revenue shortfall over the next two years due to incentive payments to the professional sports teams that call New Orleans home.

Thornton said lagging hotel tax collections means the district will be hard-pressed to make the annual payments to the National Football League’s New Orleans Saints and the National Basketball Association’s New Orleans Hornets.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.