Hurricanes buying Backyard Bistro, will host team's sportsbook
Posted December 7, 2023 6:34 p.m. EST
Updated December 14, 2023 10:37 a.m. EST
The Carolina Hurricanes are purchasing a restaurant near PNC Arena, and it will house a sportsbook beginning next year.
The Hurricanes' purchase of Backyard Bistro will close by the end of the year, the team's president and general manager told board members of the Centennial Authority at their meeting Tuesday.
"We think it made some sense for us as a business," Don Waddell said.
The facility will host the team's sportsbook, at least until renovations at PNC Arena or the surrounding areas are completed.
The Hurricanes are allowed to have a sportsbook at their arena or on other property they own within a half-mile of the facility under North Carolina law.
The North Carolina Lottery Commission has not yet set a date for when mobile sports betting and in-person sportsbooks can begin taking bets. It won't be before the Feb. 11 Super Bowl.
The Hurricanes have not announced a partnership with a sports betting company. In order for sports betting companies to obtain a license in the state, they must have an agreement with certain leagues, venues or teams, including the Hurricanes. That provision was added in the state budget.
The restaurant is located just across Trinity Road from the PNC Arena and Carter-Finley Stadium complex. The restaurant is located at 1235 Hurricane Alley Way in Raleigh.
PNC's $300-million enhancement
PNC Arena is set to undergo a $300-million renovation project in the coming years after city and county leaders approved funds for the enhancements. As part of the deal, the Hurricanes agreed to a long-term extension at the arena and landed development rights to areas around the arena.
The Centennial Authority, which owns the building, is yet to settle on which improvements will be part of the $300-million package.
It has, however, ruled out a proposal to build more office space and storage above the arena's loading dock due to steep costs. Existing offices would have been moved to that area, freeing up more space around the building under the proposal, But cost estimates for that project alone soared to more than $60 million, and the authority's steering committee — which includes representatives from the authority, NC State and the Hurricanes — opted to cut it from any list of potential projects.
"The pricing came out (and) was somewhere between $45 to $65 million," Waddell said. "I figured, you know, 25% or a little less going into office space and storage didn't make a lot of sense. Our feeling is we'd like to put the money into the building itself."
Said board chairman Philip Isley: "It's not financially worth that, given — and the number I saw was higher than $65 (million) — it's hard to justify that to our funding partners."
The full board will have to approve and fund whatever projects are selected, but Isley said there is not enough time for the 21-member board to vet every single item that is considered and rejected.
"There's not time," he said. "We have to get to the point where we actually can show you something that will come within the budget over the next four years. Right now the process is trying to figure out what is doable, what is going to enhance the facility, what we can pay for."
