It seems like public subsidies for stadiums doesn't add as much economic activity as similar investments.

https://econreview.berkeley.edu/the-economics-of-sports-stad...

As a couple others have mentioned, this is a different analysis, but the answer is that generally localities that subsidize stadiums do not see a good ROI. Local residents typically end up paying the bill through e.g. a slightly higher sales tax. Corollary: If you want to pay less local taxes, don't live in a city that has a major league sports team.

Cities claim to subsidize stadiums as an investment. However data doesn't usually back up those claims. https://en.wikipedia.org/wiki/Stadium_subsidy#Criticisms