Are there non-financial reasons that a new modern arena would be beneficial for the city, or do these things always have to measured by their monetary return?
I personally think there are. Having a good arena draws in better events and "puts cities on the map", both on the continent and globally. People like to live in cities where there is more fun stuff to do, and businesses like to locate in cities where people want to live.
From a hockey perspective, there is an intrinsic cultural value to having a team. Whether or not a new arena affects having a team, I don't know. It probably affect having a winning team in some ways though.
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