The $21.3 million waterfront gamble

Long Beach is betting big on its new waterfront amphitheater, hoping it will help replace declining oil revenue and draw in tourists. The F&M Bank Amphitheater, set to open with a Snoop Dogg concert on Saturday, is expected to pay for itself witihn eight years, with a projected $7.4 million in profit over its final two years of operation.

The city is paying a massive venue-management company, Legends/ASM Global, $15,000 monthly for consulting work until the amphitheater opens and $300,000 annually thereafter. Farmer & Merchants Bank purchased the naming rights for the venue for an undisclosed amount.

Testing the city's transportation plan

On Saturday, when Snoop Dogg opens the venue with a concert, the city's plans to get people there smoothly will be tested for the first time. There will not be any general admission parking at the amphitheater, but attendees can opt for a shuttle, water taxis, ridehsare, bike, e-scooter or bus to get to the venue.

Anyone with a ticket for Saturday's show can hop on the free shuttle from the parking lot on Shoreline Drive south of Ocean Boulevard, said Meredith DeSanti, a spokesperson for Legends Global, the venue's operator. The shuttles start running at 4 p.m., and the venue opens at 5 p.m., with the show scheduled to start at 7 p.m.

Water taxis and bike storage

You can also get to the waterfront venue by water: AquaLink boats run by Long Beach Transit will leave every 30 minutes from a dock near the Aquarium of the Pacific before and after the show.. They cost $5 for a round trip.

There will also be storage outside the venue for bikes and e-scooters.. City officials are essentially betting on the amphitheater to help replace declining oil revenue, drawing in tourists - and their tax dollars - while bolstering foot traffic downtown.

What's still unknown

Who is the unnamed buyer of the naming rights for the venue? What is the undisclosed amount Farmer & Merchants Bank paid for the naming rights? How will the city's transportation plan hold up on Saturday, when thousands of people will be trying to get to the venue?

Broader context

The city's plans to replace declining oil revenue with tourism dollars are part of a larger trend of cities looking to diversify their economies. Long Beach is not alone in its efforts to draw in tourists and boost foot traffic downtown.

Other cities, such as Sydney, have also turned to large-scale events and attractions to boost their economies. In 2024, Sydney saw a significant institutional buy-up of properties in the city's central business district, which some saw as a sign of the city's growing popularty with investors.

Open questions

Will the city's transportation plan hold up on Saturday, when thousands of people will be trying to get to the venue? How will the city's plans to replace declining oil revenue with tourism dollars play out in the long term? What is the impact of the city's decision to pay a massive venue-management company to run the amphitheater?