OD is mostly on point. It's a fair-weather market through and through. People just don't get into pro sports that much . I will say that the Heat still draw pretty well even though they aren't a great team. Ticket prices are still very high for that team.
The Panthers have never had any consistency in their success from season to season. They have one season where they're great, and then the next year they fall off into oblivion again. Fans grow tired of that act, and until they have sustained success like Tampa Bay, they'll never have a loyal fan base. I can't blame the fans either. Would you to continue to support the Flames if they had 3 good years in the last 20? (nevermind, don't answer that one
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The arena is in an ok spot, but it is inland pretty much next to the everglades. It's right in the Fort Lauderdale area, which is about as central as you can get in the population, and there are enough people within 30 minutes of the arena to fill it, but like I said, you still have to ice a winning product consistently.
The good thing is that the arena books lots of entertainment acts that supplement the income of the team. That plus the lease/rent deal with the county is very favorable to the Panthers, so they don't have to fill the building every night to cover the costs.
All in all, it's not a great situation, but it's probably only the 4th or 5th most concerning situation in the league. Coyotes, Hurricanes, and Islanders are more dire situations, and then probably the Panthers. Some other concerning teams are the Senators (ownership), Devils, and possibly even the Ducks who fail to draw well despite winning a lot every year. If the Ducks had the Panthers' success rate, I bet we start talking about what's wrong in Anaheim.
People like to talk about moving the team to Quebec, or somewhere else, and I get the logic if you're using just the optics around the Panthers, but there's plenty of people and money in south Florida, and not necessarily enough of that in Quebec City. More hardcore hockey fans up there? Not a doubt in my mind, but I worry that they wouldn't be any more profitable than a team down here when you take all of the finances into consideration.