Report shows how the Golden 1 Center has impacted downtown Sacramento’s economy
(FOX40.COM) — Since opening in 2016, the Golden 1 Center has served as the home for the Sacramento Kings and has hosted several entertainment events.
Major events and concerts at the Golden 1 Center has made the downtown venue a prominent contributor to the city’s economic impact, according to a report commissioned by the Greater Sacramento Economic Council (GSEC).
According to the report, the Golden 1 Center hosted over 127 ticketed events that attracted more than 1.5 million attendees in the fiscal year of 2022-23. Those ticketed events include Kings games, concerts, shows and other sporting events including March Madness and the California high school state basketball championships.
The Golden 1 Center anchors the Downtown Commons (DOCO), an outdoor plaza that includes shops, eateries, bars, a Cinemark movie theater and the Kimpton Sawyer Hotel. DOCO is also within walking distance of other bars and clubs in downtown Sacramento.
Golden 1 Center Stories
•A guide to DOCO and inside the Golden 1 Center
•The items that prohibited at the Golden 1 Center
•How to avoid traffic for events at the Golden 1 Center
•Parking lots and garages near the Golden 1 Center
“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,” GSEC president and CEO Barry Broome said. “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.
In fiscal year 2022-23, the report’s key findings on the Golden 1 Center’s impact include:
•Kings, Golden 1 Center collectively contributed $665 million to the Greater Sacramento Region
•Arena supported 2,002 jobs
•Visitors spent an estimated $42 million annually through lodging, dining, retail and transportation
•Estimated city taxes from the arena, employees and visitor spending totaled $2.6 million annually
•County, school, local and state taxes amounted to $22 per year.
What does a sold-out event at the Golden 1 Center look like for Sacramento?
Since the arena’s groundbreaking, there has been an estimated investment of over $7 billion in the central city, according to data from the Downtown Sacramento Partnership.
Data shows that the Entertainment District where the arena is positioned is outpacing the rest of the downtown core by over 16% growth in assessment value. Visitors at the Entertainment District has grown over 18% in the past year, more than double the rest of the downtown core, according to data.
Downtown Sacramento Partnership Executive Director Michael Ault said the arena and the surrounding area have been “transformative” for Sacramento as a city.
“Golden 1 Center is the single most impactful investment in the downtown core in the last decade,” Downtown Sacramento Partnership Executive Director Michael Ault said. “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.”
Concerts, events coming to the Golden 1 Center in 2024
The Golden 1 Center opened on Oct. 4, 2016 with Paul McCartney as the first musical act. McCartney performed on back-to-back nights at the arena.
The Kings played their first official regular season game at the arena on Oct. 27, 2016. The team hosted their first playoff game at the downtown venue last April.
In 2023, the GSEC said the Golden 1 Center contributed to 46 businesses opening, reopening or singing leases in the downtown area.
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