I think Calgary has to accept that it is not a large enough entertainment market to justify a privately funded modern NHL sized arena by itself.
If it wants a major, state-of-the-art anchor tenant in its Rivers District development it'll need to subsidize it, like it is doing with Arts Commons development. And just like Arts Commons, the benefits will be mostly the wider economic spin-offs, quality of life and revitalization of downtown, not from making money from the venues itself.
To borrow from Mayor Nenshi's quote:
