From a government's perspective, their venue is hired out for a fee to a client (the AFL clubs) on a per event basis. The government doesn't see a difference in revenue if the event fails to pull a decent crowd.
Since the stadium doesn't contribute to a 'common good', the government has no place in building a stadium unless it can reap back the initial cost of the stadium within 20 years (ie 5% return on capital not including maintenance costs).
Does that fee include or exclude arena advertising, catering etc given the landlord doesn't care about crowds?
Is a one off event the same per event fee as 24 x AFL games?
Fair dinkum ...