Golden 1 Center Serves as Major Economic Driver in Greater Sacramento, Providing $665 Million Annually

Greater Sacramento

3/7/2024

New Study Shows Updated Impact of Golden 1 Center on Greater Sacramento’s Landscape, Visitor Rate, Commerce and Investment in the Region

SACRAMENTO, CA -Golden 1 Center, home to the NBA’s Sacramento Kings and a community hub for major events, concerts and shows, continues to stand as a powerhouse contributor to the economic vitality of the Greater Sacramento region metropolitan area, according to a new economic impact report by renowned research company Applied Economics. The Greater Sacramento Economic Council (GSEC) commissioned the study to assess economic and tax impacts generated by the arena’s operations and visitor spending – 10 years after construction started on the arena.

In fiscal year 2022-23, Golden 1 Center hosted over 127 ticketed events, including NBA games, concerts, shows and other sporting events, attracting more than 1.5 million attendees. The analysis showcases the economic ecosystem supported by the arena, revealing significant contributions, job creation and growth to the Greater Sacramento region.

Key findings from the report include:

  • Economic Contribution: Golden 1 Center and Sacramento Kings operations collectively contributed an estimated $665 million in 2022-23 to the Greater Sacramento region. This economic boon is driven by arena operations, visitor spending, and induced economic activity.
  • Job Creation: The arena supported 2,002 jobs, reflecting robust employment opportunities and the wide-reaching impact of Golden 1 Center on Greater Sacramento’s workforce.
  • Visitor Spending: Beyond its role as a sports and entertainment hub, Golden 1 Center attracted visitors from across the region, injecting an estimated $42 million annually into the local economy through lodging, dining, retail, and transportation expenditures.
  • Tax Revenues – Golden 1 Center significantly bolstered state and local tax revenues. Estimated city taxes stemming from arena operations, employee expenditures, and visitor spending totaled $2.6 million annually, while county, school, and other local district taxes, along with state taxes, amounted to $22 million per year.

“Golden 1 Center vividly illustrates the impact that pursuing ambitious economic development projects can have on a region. It stands as a testament to the transformative power of bold action,” said Barry Broome, President and CEO of GSEC. “It underscores a critical lesson for the region and beyond; that taking calculated risks and investing in large-scale development projects can spark a wave of economic growth, investment and community development that benefits the entire region.”

According to recently released data from the Downtown Sacramento Partnership, since the arena’s groundbreaking in 2016, there has been an estimated investment of over $7 billion in the central city, and the Entertainment District (in which Golden 1 Center is positioned) is outpacing the rest of the downtown core by over 16% growth in assessment value. Visitation to the Entertainment District has seen over 18% growth in the past year, which is more than double the rest of Downtown’s growth rate. And in 2023, the arena contributed to 46 businesses opening, reopening, or signing leases in downtown Sacramento.

“Golden 1 Center is the single most impactful investment in the downtown core in the last decade,” said Michael Ault, Executive Director, Downtown Sacramento Partnership. “It has been essential in our community’s efforts to diversify our regional economy as daytime, in-office visitation has decreased, and serves as a catalyst for nearby small businesses and a growing central social district. The arena and surrounding entertainment district has been transformative to Sacramento’s brand identity and has become one of the defining features of our city and the entire region.”

Golden 1 Center stands as a vital pillar in the downtown Sacramento landscape, not only as the home of the Sacramento Kings but also as a beam for cultural and entertainment activities. The report underscores the arena’s integral role in fostering community vibrancy and economic prosperity.

For more information, access the GSEC report and Downtown Sacramento Partnership report.

For media inquiries, please contact:

Brittany Jones, bjones@greatersacramento.com
Madelyn Smith, msmith@downtownsac.org

About the Greater Sacramento Economic Council

The Greater Sacramento Economic Council is the catalyst for innovative growth strategies in the Capital Region of California. The organization spearheads community-led direction to retain, attract, grow and scale tradable sectors, develop advanced industries and create jobs and investment throughout a six-county region. Greater Sacramento represents a collaboration between local and state governments, market leaders, influencers and stakeholders, with the sole mission of driving inclusive economic growth. The Greater Sacramento region was founded on discovery, built on leadership and fueled by innovation. 

About Downtown Sacramento Partnership

Downtown Sacramento Partnership is a nonprofit, Property-based Improvement District (PBID) that serves as the collective voice for the downtown community located within the 66-block urban core of Sacramento. Driven by the mission to build value downtown, Downtown Partnership is the principal advocate, champion, and steward for those who work, live, visit and do business here. For more information, visit www.downtownsac.org + godowntownsac.com and connect with us on FacebookTwitterInstagram and LinkedIn.

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