Business is good at Stephen Ross’ Hard Rock Stadium.
How good?
The building’s total revenue — driven mostly by Dolphins games, soccer matches, mega concerts and rent from the University of Miami — was up 39.7 percent in the fiscal year that ended on March 31 from the 12 months that preceded it.
That’s according to Fitch Ratings, who for the third year affirmed a BBB rating to the nearly $190 million remaining still owed by Ross, who used those funds to help pay for his half billion dollar stadium renovation. The Miami-Dade County Industrial Development Authority issued taxable and tax-exempt bonds, and South Florida Stadium, LLC, or Hard Rock Stadium, is the obligor for all debt service payments.