Tuesday, April 15, 2014

Anschutz spends more money, buys more things

Posted By on Tue, Apr 15, 2014 at 12:07 PM

click to enlarge This is not Phil Anschutz, but it could be. - SHUTTERSTOCK
  • Shutterstock
  • This is not Phil Anschutz, but it could be.

Philip Anschutz continues to impact Colorado Springs. His Anschutz Foundation is helping power the City for Champions proposal; his Anschutz Entertainment Group, better known as AEG, just signed a 10-year deal with the now-renamed Broadmoor World Arena; and he just bought Seven Falls to add to the Pikes Peak Cog Railway, The Broadmoor and, of course, the two-time Pulitzer Prize-winning Gazette, where his son Christian serves as chairman. So, it seems like a good time to check into what else he's been up to.

• Worth an estimated $10.3 billion, he's sunk $112 million into The Broadmoor so far, the Denver Post — which Anschutz is rumored to be a potential buyer for, now that its hedge-fund majority owner is selling — tells us:
• Expansion and renovation of the Broadmoor West complex, including an additional three floors, 31 new rooms and conversion of the Charles Court restaurant to the Italian-themed Ristorante del Lago.

• Cloud Camp, a development atop Cheyenne Mountain that will include a lodge and 11 cabins. Guests can choose how they wish to arrive: a two-hour hike, a mule ride or transport by four-wheel drive.

• The Ranch at Emerald Valley, 8 miles west of The Broadmoor. The 10-cabin luxury retreat features fly-fishing, hiking, horseback riding and chef-prepared meals in a lodge. Rates start at $500 per person per night.
• He wants to build a $1.5 billion retractable roof stadium in hopes of luring an NFL team — possibly the Buffalo Bills, if Donald Trump doesn't buy them first — to Los Angeles, where he owns the Staples Center, the Los Angeles Kings hockey team, the Los Angeles Galaxy soccer team and a portion of the Lakers.

• His AEG is selling off ancillary parts of its business to better attract buyers. Anschutz wanted at least $11 billion for it last year, but pulled the company off the market when buyers came in at the $7 to $8 billion range.

Meanwhile, according to the Wall Street Journal, AEG is:
... developing "entertainment districts" around its arenas in London and Berlin, akin to L.A. Live, the mall-like constellation of shops, condos and restaurants surrounding its three Los Angeles venues: the Staples Center arena, the 7,100-seat Nokia Theater and Club Nokia, which holds 2,300.

In May, AEG will break ground on a new 20,000-seat arena in Las Vegas, a joint venture with MGM Resorts International. Meanwhile AEG has acquired an equity stake in the management company that operates the French indoor sports and concert arena Palais Omnisports de Paris-Bercy, paving the way for further development in Paris.

... Later this week it will for the first time broadcast a portion of its California desert music festival, Coachella, on cable TV, selling some sponsorship rights to T-Mobile US Inc.

AEG launched a ticketing service, AXS, three years ago. Currently AXS sells tickets mostly for shows at AEG venues, but it plans to more aggressively court third-party venues.
• His wife, Nancy, will serve as the godmother, whatever that means, for one of the three new luxury yachts recently purchased by another Anschutz holding, Windstar Cruises and its parent company Xanterra Parks and Resorts.

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