As far as economics go I think the only real net benefit is how many out of town folks/$'s the facility brings in. I suspect that contingent makes up <10% of any given event crowd. I base that on the belief that people budget a certain amount for entertainment and such no matter what. If there is hockey they may choose to spend it at the arena and immediate area but if not they will just spend it somewhere else in the city. So the only real net benefit to the city overall comes from out of town folks bringing in fresh money that wouldn't have come otherwise. Certainly the city is losing some business in the form of certain concerts and the migration of limited entertainment dollars there but I suspect those numbers would pale in comparison to the proposed spend.
RE in the immediate area is the same thing. If the place goes up then RE in the area goes up but ultimately that comes at the cost of somewhere else. If arena don't get built then that money just finds another home elsewhere in the city. People gonna spend for a home no matter what. Where doesn't particularly matter to the bottom line.
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