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Intuit Stock Soars as Clippers Unveil Billion-Dollar Arena

AInvestWednesday, Nov 6, 2024 5:38 pm ET
1min read

On November 6, Intuit (INTU) shares soared by 4.78%, reaching their highest intraday price since August 2024. This surge coincides with the Los Angeles Clippers' debut in their new home, the state-of-the-art Intuit Dome. The arena, built at a staggering cost of $2 billion, has captivated audiences with its cutting-edge technology and dazzling audiovisual effects, including a pioneering facial recognition system that streamlines entry.

For the Clippers, this arena marks their first true home after 40 years of sharing venues. Since relocating to Los Angeles in 1984, the team shared the Los Angeles Memorial Sports Arena and then the Staples Center (now Crypto.com Arena) with other teams. The Clippers had often been overshadowed by the Lakers and the Kings, leading some seasoned fans to question their identity in Los Angeles.

Steve Ballmer, who acquired the Clippers in 2014 for $2 billion, soon realized the importance of having a dedicated arena for his team. In 2017, negotiations began with the city of Inglewood for a new arena. Despite opposition from local residents and criticism from nearby venues, Ballmer navigated all obstacles, including purchasing The Forum for $400 million to alleviate competitive concerns, leading to the groundbreaking of the new arena on September 17, 2021. It was officially opened in mid-August 2024 with performances by Bruno Mars.

Dubbed as a "basketball palace" by Ballmer, the Intuit Dome is particularly noted for its abundant restroom facilities—over 1,400 toilets and urinals—designed to eliminate the annoyance of queues, as Ballmer has a strong dislike for waiting in lines at sports venues. The arena's seats are equipped with infrared LED lights and interactive devices, enhancing fan engagement. A massive overhead screen, known as the "Halo Board," allows for exceptional viewing and assists coaching staff in making game-time decisions.

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