Cardiff, in common with other cities in the UK, has increasingly identified the attraction of major sporting events as a potential driver of economic development. This policy in large part depends on the ability of the Millennium Stadium to attract these events, and for local agencies to lever the maximum consequent regional benefit. This article examines the development of the Cardiff stadium, through its construction and hosting of the 1999 Rugby World Cup, to operations in the longer term. Drawing in part upon the substantial American narrative, the article examines whether the city centre stadium is likely to drive wider city or regional economic development, and considers the likely success of an events-based development strategy.