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Colorado’s 1stBank Center To Shutter Its Doors November 30; Venue Heavily in Debt

Colorado's 1stBank Center To Shutter Its Doors November 30; Venue Heavily in Debt
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BROOMFIELD, CO (CelebrityAccess) – Live event venue 1stBank Center is closing effective November 30 after nearly 17 years of hosting live events. The 6500-capacity venue could be torn down as early as next Spring.

Per The Colorado Sun, city manager Jennifer Hoffman said, “It’s time we ripped the Band-Aid off,” to the Broomfield Urban Revnew Authority’s Board of Directors before the panel voted to end its operating agreement with Peak Entertainment.

1stBank was constructed in 2006 for $45 million and financed using $59.8 million in taxpayer bonds. Unfortunately, the city-owned venue was built to jump development near Wadsworth Boulevard and US 36 is now drowning in debt and never broke even for the city – which has decided to put the facility to rest. According to The Colorado Sun, the city has had to take funds from other Urban Renewal Projects to keep 1stBank running.

“We need to stop putting gas on the fire,” Councilmember Todd Cohen said of the constant struggle to keep the arena financially above water. According to the city, the venue has run between $250,000 and $1 million in debt every year for the past five years. If it were to remain open, it would require between $5 and $6 million in repairs, including a new roof and updated HVAC system.

Peak Entertainment, a partnership of AEG Presents Rocky Mountains and Kroenke Sports and Entertainment, took over management and operations in 2009. In the competitive Denver music marketplace, the venue struggled to stay active. At its peak in 2016, 1stBank put on 33 shows, then each year, the number dwindled. When live music returned in 2021, it did little for business as 1st Bank only had six shows. This year, Peak has booked less than ten concerts, with only three upcoming in the next six months.

1stBank has hosted artists such as Ween (reunited after a four-year breakup), Joe Russo’s Almost Dead, Dave Matthews Band, Billy Strings, Carrie Underwood and The Lumineers. In addition, it also hosted semi-pro hockey and basketball teams, as well as the Denver Roller Dolls derby squad.

Though the arena is closing, the city still has about $34.2 million to pay on the initial bond. By the time the Broomfield Urban Renewal Authority pays off the remaining tab in 2029, the project will have cost the city $135 million.

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