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N

ational

W

estern

C

enter

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ECONOMIC ANALYSIS

SECTION

SUMMARY OF PREVIOUS ANALYSIS

AND REPORTS

In 2013, VISIT DENVER, Denver Arts & Venues, and the

Western Stock Show Association engaged Strategic Advisory

Group and subconsultants Langer Equestrian Group and

Fentress Architects to prepare an extensive market-based

venue feasibility study related to the National Western Stock

Show Complex.

Strategic Advisory Group

is a nationally rec-

ognized strategic planning firm focused on the

meetings and event industries. SAG has helped

plan, organize, finance and implement many of

America’s best destinations from the asset, tour-

ism, operations and financial perspectives.

Langer Equestrian Group

is a primarily western

region consulting and event production firm

that has been involved in equestrian consulting

projects since 1972. LEG’s services range from

facility design and evaluation, program analysis

and development, to equestrian event design and

production.

Fentress Architects

is a Denver-based global de-

sign firm that pursues the creation of sustainable

and iconic architecture, including Denver’s Colora-

do Convention Center.

The National Western Complex and Denver Coliseum are sig-

nificant economic drivers to the local and state economy. In

2012/2013, the complex generated 222 events and 1.3 million

attendees. These attendees account for an estimated $115

million in spending (2014 dollars) that is infused in the local

economy each year. This annual spending has a significant

impact to the local and state economy in terms of tax gener-

ation. It is estimated that the $115 million in annual spending

generates over $6 million in taxes.

The enhancements to the complex are projected to have

significant impacts to incremental events, attendees and

economic impact.

The methodology, findings, incremental events/attendees

and economic impact projections can be found in the

National Western Stock Show, National Western Complex,

Denver Coliseum and Colorado Convention Center report

dated May 2014 (SAG Report) located in Appendix A of this

document.

In summary, an overriding theme in the analysis was that

there was a high level of dissatisfaction among users due to

the declining state of the facilities and site. These aging and

technically obsolete facilities, along with poor site logistics,

restrict the level of utilization for events in non-stock show

months. Given the site’s ideal location just north of down-

town, SAG’s research indicated that increased utilization

and facility impact could be realized through a complete

re-envisioning of the site plan in combination with new and

adaptively reused facilities.

The estimated economic impact that resulted from the

incremental events and attendees outlined in the SAG Report

generally followed the research methodology employed in

the University of Colorado Boulder’s Leeds School of Busi-

ness (Business Research Division) June 2010 report (“Leeds”),

which was a follow-up to previous studies prepared by Sta-

tistical Consulting Services and the Economic Development

Department of the Denver Metro Chamber of Commerce.

One of the primary reasons to utilize the Leeds methodology

was its primary research in the form of after-the-fact online

surveys of actual livestock exhibitors and trade show vendors

and on-site surveys of general attendees. In addition to

Leeds, the economic impact projections utilized information

supplied in the National Western Complex Market Study pre-

pared by HVS in June 2011. The HVS analysis and report was

completed for the City of Aurora when the city was analyzing

the potential of moving the complex from its current location

to Aurora. Information from the HVS study was used for cer-

tain events that were not included in the Leeds analysis.

In general, the Leeds per capita spending research was

employed in the SAG analysis, with some modifications

based on discussions with the city and National Western staff

regarding current and future expected operations and the

use of HVS data for certain event types. The Leeds and HVS

reports can be located in Appendix A of this document.

Note: Many of the figures presented in this analysis

were generated using sophisticated computer

models that make calculations based on numbers

carried out to three or more decimal places. In

the interest of simplicity, most numbers have been

rounded. Thus, these figures may be subject to

small rounding variances.