Surprised the province’s / country’s reaction to Covid / omicron hasn’t been talked about enough in how it relates to the Flames. Clearly cost inflation has something to do with this, however I don’t think it’s completely a coincidence that the Flames informed the mayor of their decision to pull out the same day the province blindsided them with restrictions that probably zap 60-70% of their game day revenue. Maybe pausing on $300MM+ in investment in a market where the province restricts attendance for a cold with 1/3rd to 1/2 of the electorate angry and wanting harsher restrictions is a smart idea. If we’re in a constant hammer and dance with Covid here with the hospitality and the live entertainment industries bearing the brunt of the cost then almost any marginal US market is more prospective. Cancelling this agreement and avoiding $300MM in commitments keeps that option open.
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