I'm mostly against subsidizing sports venues with public money...
That said, you make a mostly valid point, except for one major consideration: most arenas have dozens of smaller events throughout the year: boat shows, rodeos, high school championships, concerts, etc.
If he's not drawing in appropriate sized crowds for those events, then it might just be his restaurant is viewed as a novelty or one of last resort.
Business owners love to explain how there's nothing wrong with their business model, it's the the externalities or market that's wrong.
That said, you make a mostly valid point, except for one major consideration: most arenas have dozens of smaller events throughout the year: boat shows, rodeos, high school championships, concerts, etc.
If he's not drawing in appropriate sized crowds for those events, then it might just be his restaurant is viewed as a novelty or one of last resort.
Business owners love to explain how there's nothing wrong with their business model, it's the the externalities or market that's wrong.
It can be true, but often it's just self-denial.