Venu used El Paso amphitheater site as collateral for $20M loan, SEC filings say

EL PASO, TEXAS (KFOX14/CBS4) — Financial filings reveal Venu, the company behind the planned Sunset Amphitheater in Northeast El Paso, used land it acquired from the city as collateral for a $20 million loan for another amphitheater in the state.

According to United States Securities and Exchange Commission filings obtained by KFOX14/CBS4, Venu Holding, the Colorado-based entertainment company responsible for developing the Sunset Amphitheater at the former Cohen Stadium site, borrowed $20 million in the summer from a Texas tax consulting firm to develop another amphitheater just outside of Dallas.

An August filing with the SEC showed that to secure the loan, Venu pledged properties and assets, including the 20-acre El Paso amphitheater site the company acquired from the city.

KFOX14/CBS4 has reached out to Venu and the City of El Paso for comment.

The amphitheater, planned near the former Cohen Stadium site in Northeast El Paso, was approved by El Paso city leaders in April 2024. It is expected to include a 12,500-seat outdoor concert venue, with the city supporting the project through about $31 million in performance-based incentives.

According to El Paso Matters, the company said pledging assets to support a short-term construction facility is a common tool and does not change the commitment to any market.

Meanwhile, the SEC filings also list an updated completion timeline, further delaying the project’s completion.

While the project’s original completion date had been slated for March of this year, the completion date is now 2028, according to the filings.

The delay comes after the project was previously pushed to fall 2027.

According to Venu, that delay was partly tied to parking that the City of El Paso was set to provide as part of the agreement.

However, the parking plan is tied to land connected to El Paso Community College, where EPCC’s board of trustees discussed plans to begin the process of possibly leasing the area to the City of El Paso.

In June, EPCC’s board of trustees voted to approve a letter of intent with the city regarding the proposed ground lease and development coordination for the amphitheater.

However, EPCC officials said a final agreement has not yet been reached.

“Previously, the EPCC Board of Trustees approved a letter of intent, which was the first step to allow discussions to happen. While an agreement has not been finalized, these discussions will allow possibilities to be explored. EPCC remains committed to exploring opportunities that serve the best interest of our students and the broader community,” an EPCC spokesperson said.

In a statement to KFOX14/CBS4, Venu referred to the City of El Paso for an update on the proposed ground lease and development coordination.

“VENU remains fully committed to bringing Sunset Amphitheater to El Paso. We continue to work closely with the City of El Paso and would refer you to the City for further details on the project’s progress.”

KFOX14/CBS4 has reached out to the City of El Paso on where those discussions stand and whether it has affected the project’s parking plans or construction timeline.

Meanwhile, the delay in construction also comes as the cost of the project has increased, with Venu previously stating that the amphitheater is well over $160 million, up from the original $100 million projection. The company attributed part of the increase to added features, including advanced audiovisual technology.

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