2 min read June 2023 — The Miami Dolphins and Hard Rock Stadium are continuing to increase their economic impact on South Florida thanks to successful events like the Super Bowl and Formula One. “When you look at the combination of all of these events, we’ve had almost a billion dollars of private investment into the site now,” Tom Garfinkel, vice chairman, president and CEO of the Miami Dolphins, told Invest:.
What have been some of the biggest highlights and achievements for the organization in the past year?
The team making the playoffs in 2022 was a good milestone for the organization and the fan base. I think it was a good step forward for the team, and we showed that we have the talent and leadership to have success, which we hope to build on this season. The Formula 1 Crypto.com Miami Grand Prix that we built and hosted at Hard Rock Stadium was also an important milestone over the last two years. We want to continue to host great events, bring people together and try to improve the quality of life here in South Florida.
What sets Hard Rock Stadium apart from other venues in the market?
When I arrived 10 years ago, we had a 27-year-old stadium with a bunch of parking lots. And now we have a truly global entertainment destination hosting the world’s biggest events such as the Super Bowl, Formula 1, the Miami Open tennis tournament, national championship games, boxing matches, concerts and soon, the World Cup.
I don’t think there’s another venue in the world that can say they’ve hosted Jay-Z, Beyonce, Lewis Hamilton, Serena Williams, Roger Federer, Lionel Messi and Neymar, Super Bowls and national championship games. We’re proud of that, and we’re proud of the impact that has on Miami Gardens and everybody here in South Florida.
What is the economic impact of the stadium and the Dolphins franchise in the region?
Last year, an independent study showed that the inaugural Formula 1 Miami Grand Prix had an estimated economic impact of $350 million to the region. I expect that number to be higher this year. There’s a lot of benefit when you’re hosting a world-class event like Formula 1 in May, when hotels might not otherwise be full. You’re creating a lot of incremental value in the area.
Thanks to the investment of Stephen Ross, we’ve had almost a billion dollars of private investment into our stadium, which has allowed us to host world class events 12 months of the year. That creates jobs and creates opportunities. We’re also the only stadium in the state of Florida that pays property taxes because we own the stadium. We have a great partnership with the city of Miami Gardens which also allows us to operate these events and drive investment back into the community.
How do you cultivate successful relationships?
Relationships are cultivated over time by creating mutual value and mutually beneficial partnerships. Oftentimes relationships can start from anywhere, but they begin with finding ways to create value and bring people together.
AutoNation is a great example of one of our locally-based partners, who have teamed up with us in the community, as well. With AutoNation, we have built a trusting relationship, which is best reflected in what they’ve helped us build with the Dolphins Challenge Cancer (DCC). The DCC is the largest fundraiser in the NFL, providing funds to support life-saving cancer research at the Sylvester Comprehensive Cancer Center. We have committed $75 million to Sylvester, and are proud to have raised over $10 million this year alone, which is our largest total to date. Our partners at AutoNation are a huge reason for the success of that event.
What is the impact of the organization on the community from a development standpoint?
Since we renovated the stadium, there is now a Top Golf nearby, a Walmart and a lot of other development happening in Miami Gardens. The former mayor of Miami Gardens, now chairman of the county commission, Oliver Gilbert has been a visionary and a leader in bringing economic development to Miami Gardens, as has the current mayor Rodney Harris. They certainly deserve a tremendous amount of credit for boosting the local economy, creating jobs and making Miami Gardens a destination for world-class events.
What’s next for the franchise and Hard Rock Stadium?
This is going to be a very exciting Miami Dolphins football season. I’m very excited about our head coach Mike McDaniel and the culture that he’s building, as well as the roster that Chris Grier, our general manager, and Brandon Shore have built here. I think it is the most talented roster we’ve had in many years here at the Dolphins.
Optimism is high headed into this year in terms of what we expect from the performance of the football team. Ultimately, all the things that we do like tennis and Formula 1 racing are all very important and create tremendous value for the area, but the most important thing we do is try to win football games and championships. We are very excited about the upcoming season.
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