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Edmonton's Oilers' Thrilling Stanley Cup Journey Prepares Ground for $3B Ice District Enlargement

Edmonton Oilers superstar Connor McDavid propels team to Stanley Cup Final, with the organization planning an expansion of its multifaceted real estate venture beyond Rogers Place arena.

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Edmonton Oilers superstar Connor McDavid guides his team to the Stanley Cup Final, with the hockey...
Edmonton Oilers superstar Connor McDavid guides his team to the Stanley Cup Final, with the hockey club planning an extension of its multi-purpose complex project beyond Rogers Place.

Edmonton's Oilers' Thrilling Stanley Cup Journey Prepares Ground for $3B Ice District Enlargement

Tossin' Hockey Pucks and Making Dough: Edmonton Oilers' Ice District Expansion

The competitive spirit of the Edmonton Oilers is burning hotter than ever, as they're set to face the Florida Panthers in the Stanley Cup Final – a rematch of their 2024 loss. This intense on-ice action not only stirs the hearts of fans but also lines the team's pockets, thanks to the revenue generated from their playoff run.

In the realm of off-ice victories, the Oilers' victories on the ice are propelling the growth of the Ice District, an expansive mixed-use sports and entertainment complex in downtown Edmonton. The next phase of development? An "event park" connected to Rogers Place, hosting up to 2,500 folks for music, fests, and more. The budget for this CA$250 million project? Prices might vary, but let's say it's around $183 million (based on current exchange rates). OEG, the club's owners, will contribute $61 million, with the balance split between the city and the Alberta government.

City-owned, OEG-operated, and boasting 140,000 square feet, this event park will cater to indoor and outdoor events year-round. The Ice District, a 25-acre behemoth, is the second-largest mixed-use sports and entertainment complex in North America, trailing only Hudson Yards in New York. Development on the Ice District began after a new hockey arena was approved in 2013.

Remember when Daryl Katz, the Oilers' owner, invested $75 million to develop the area outside the venue? Mostly gravel parking lots and a dusty old Greyhound station back then. Large mixed-use developments weren't common in 2013, with Atlanta's Battery still evolving in the distance. But OEG's ambitions became insatiable, and they ultimately invested CA$2 billion during Phase 1 of the project. Phase 2 is poised to add 2,500 housing units and more green space. Since the Oilers announced their arena plans, other entities have dropped another $1.5 billion on real estate in the area.

The Ice District now resembles a tourist hub, boasting shopping, dining, office space, a casino, residential condos, a JW Marriott hotel, and an outdoor plaza. They've even sold the commercial portion of the 69-story Stantec Tower for $400 million and an office building to Alberta pension manager AIMCo for $300 million.

In the smallest pro sports markets of North America, the Oilers have steadily climbed the ranks to become one of the NHL's most valuable teams, thanks to Rogers Place and the on-ice wizardry of Connor McDavid and Leon Draisaitl. The Oilers were ranked seventh in Sportico's October NHL team valuations, with a staggering worth of $2.4 billion – not accounting for the value of the Ice District.

A Stanley Cup victory would jolt that value even higher, potentially ending Canada's 32-year drought and securing Edmonton's niche as a thriving sports and entertainment hub. Game 1 against the Panthers is happening Wednesday night right in Edmonton.

## Extra Dish

Game 1's hometown crowd is expected to shatter NHL attendance records, generating record gate revenue for the Oilers. Check it out! (Link to related story)

  1. The Edmonton Oilers, despite their loss in the 2024 Stanley Cup Final, continue to make money through their on-ice performances, contributing to the growth of the Oilers' Ice District.
  2. The upcoming event park in the Ice District, set to host up to 2,500 people for music, festivals, and more, is a part of the $250 million off-ice development planned by OEG.
  3. Beyond sports and entertainment, the Oilers' Ice District also includes real estate development, such as shopping, dining, office space, a casino, residential condos, a hotel, and an outdoor plaza.
  4. The Ice District's commercial portion, including the Stantec Tower and an office building, has been sold for a combined total of $700 million, further increasing the district's value.
  5. In the world of sports finance, the Oilers have emerged as one of the NHL's most valuable teams, with a worth of $2.4 billion, ranking seventh in Sportico's October NHL team valuations, not including the value of the Ice District.

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