Camden Yards complex as sports tourism magnet



Linkedin
Twitter

Baltimore Orioles stadium update Image: MLB

The Major League Baseball (MLB) team Baltimore Orioles is declining to extend their Oriole Park at Camden Yards in Baltimore, Maryland (US) lease for another five years and will instead work on a long-term lease with the Maryland Stadium Authority (MSA).

‘Ballpark Digest’ stated that the Orioles and the MSA already extended the lease for two years in 2021, that extension is due to expire on December 31st. The pair has been discussing ballpark improvements in the context of new long agreements, with the State already approving money for Oriole Park renovations. Both sides appear to be confident about agreeing on a long-term lease, as the Orioles decline an option to extend the lease for five years.

The Baltimore Orioles are an American professional baseball team based in Baltimore, Maryland, US. The Orioles compete in Major League Baseball (MLB) as a member club of the American League (AL) East division.

The 45,971-capacity is a baseball stadium located in Baltimore, Maryland (US). Oriole Park at Camden Yards It is the home field of Major League Baseball’s Baltimore Orioles, and the first of the ‘retro’ major league ballparks constructed during the 1990s and early 2000s. It was completed in 1992 to replace the 31,000-capacity Memorial Stadium.

The Maryland Stadium Authority (MSA) in Baltimore, Maryland (US) is a public corporation of Maryland which is authorized to issue tax-exempt bonds for financing its operations. The proceeds from the sale of those bonds and any other revenues collected are deposited in the Maryland Stadium Authority Financing Fund. For over 35 years, the Maryland Stadium Authority has completed projects in partnership with the local Governments, universities and the private sector throughout Maryland. These include convention centers, museums, theaters, parks and campus centers in addition to sports arenas.

‘Ballpark Digest’ further stated that ideally, a new lease could be finalized by the All-Star Game. But even if it is not, there’s nothing to prevent the Orioles and the MSA from negotiating a new short-term lease. Baseball Twitter will, of course, have the Orioles packing their bags and heading to Nashville when they hear the news about the Orioles declining a five-year lease extension. But this is as of now less of a big deal and more just part of a process story about negotiations cover lease payments and Oriole Park upgrades.

The Major League Baseball All-Star Game, also known as the ‘Midsummer Classic’, is an annual professional baseball game sanctioned by Major League Baseball and contested between the all-stars from the American League and National League.

The latest development is that the Orioles and Maryland Governor Wes Moore and the Baltimore Orioles announced their joint commitment to creating a long-term, multidecade, public-private partnership that both develops and revitalizes the Camden Yards complex as a magnet for sports tourism and leverages Maryland taxpayers’ investment in the property. Governor Moore and the Orioles look forward to continuing the conversation about the next evolution of this critical partnership for Maryland and the City of Baltimore.

Since 1992, Oriole Park has hosted more than 2,500 events, generating nearly $75 million in ticket sales and more than $10 billion in economic impact for the benefit of both the City of Baltimore and the State of Maryland. Under legislation passed by the General Assembly last year, a new lease agreement will unlock $600 million in funding for upgrades and improvements to Oriole Park at Camden Yards. The entire Orioles organization will continue to dedicate the necessary time and resources to ensure a shared vision for a reimagined Camden Yards site and revitalized surrounding downtown Baltimore area.

Said Governor Moore, “When Camden Yards opened 30 years ago, the Baltimore Orioles revolutionized baseball and set the bar for the fan experience. We share the commitment of the Orioles organization to ensuring that the team is playing in a world-class facility at the Camden Yards for decades to come and are excited to advance our public-private partnership. We look forward to writing the next chapter of Major League Baseball in Maryland as we continue to make magic for fans and meaningful investment for communities across our State.”

Stated John Angelos, Orioles Chairman-cum-head honcho, “I am looking forward to continuing to collaborate with Governor Moore, his administration and the Maryland Stadium Authority in order to bring to Baltimore the modern, sustainable and electrifying sports and entertainment destination the State of Maryland deserves. We greatly appreciate Governor Moore’s vision and commitment as we seize the tremendous opportunity to redefine the paradigm of what a Major League Baseball venue represents and thereby revitalize downtown Baltimore. It is my hope and expectation that, together with Governor Moore and the new members and new Chairman of the MSA Board, we can again fully realize the potential of Camden Yards to serve as a catalyst for Baltimore’s second renaissance.”

The Orioles, the Moore administration and the Maryland Stadium Authority look forward to reimagining Camden Yards to deliver a live, work, play theme that will bring residents, businesses and tourists to downtown Baltimore year-round.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 250 member-exclusive videos with valuable tips for your venue



« Previous News:
» Next News:


Advertisement Coliseum Summit News Banner - SGL System
Advertisement Coliseum Summit news banner - NEXO