Preparing for the Olympics: Maverik Center to replace LED board, conduct study on renovations

In anticipation of the 2034 Winter Olympics coming to Utah, the Maverik Center will see some improvements as one of the host venues. 

The West Valley City Council approved by a 6-1 vote to see $1 million directed toward replacing the exterior LED board over the grand staircase and a design and feasibility study to determine where improvements can be made. Half of that money will come from the Maverik Center’s reserve funds matching the other half coming from the state’s Olympics and Paralympics venues grant fund.

Andy Carroll, the asset optimization director from the city’s economic development department, told the council the building needs improvements with the Olympics only nine years away.

“It’s an exciting time to be in the entertainment industry,” he said.

Of the $1 million, $300,000 is earmarked to replace the LED board while the other $700,000 is for the study.

The design process “tells us what’s possible, then we can make a decision on what you’ll want the Maverik Center to be,” Carroll said. “It’s not getting any cheaper.”

City funding will come from the Maverik Center’s budget, which Carroll said they expect to have a reserve fund of $4 million at the end of 2025 and $6 million at the end of 2026.

Currently the exterior LED ribbon board is broken and over 15 years old. Carroll anticipates the board will generate between $300,000 to $400,000 annually with ad messaging customized to each show. “It’s a revenue-generator.”

He also explained the arena is cash-flow positive as its programming continues to perform well, something he expects over the next 10 years.

The study should reveal where and how the arena can modernize and maximize itself. Carroll pointed to several areas where it can improve as they look at industry standards like merchandise, parking, suites, concession stands and office space to know how best to leverage that space.

“It’s really critical in this business to optimize the revenue when you have the customers,” he said. “There’s a lot with that building to drive revenue to capitalize on our guests.”

While the $700,000 is a hard cost with no spending exceeding that amount, it’s beyond the study where the “big looming number” is to renovate the arena, Carroll said.

To pay for it, Carroll noted the improving profit of the Maverik Center could be used for funding, as well as state-approved tax credits for entertainment districts, such as what’s happening around the Delta Center in Salt Lake City.

But he said that looming number “doesn’t scare him at all” with levers available to help, including a partner in the state who has similar interests.

Councilmember Will Whetstone was the lone dissenting vote. He said he understood the reasons to move forward on this plan. “We certainly don’t want to leave funds on the table by not matching. … Personally I don’t like taxpayer dollars going toward things like this.”

Finance Director Jim Welch explained in another council meeting the Maverik Center has had positive financial results in recent years, but everything it spends must be approved by the city.

Carroll said they share the ambitions of the state wanting it to be its best version.

“We want to be a part of that,” he said. “We want people to come here and see this amazing arena and have an amazing time and an amazing experience. It’s great for West Valley City; it’s great for the state.”