It's always gonna be the Skydome, the people of Ontario paid 550 million for it so we'll call whatever we want 
A new arena would cost at least $150 million so I don't think there's any way the city could afford to build a new one. I don't think there's any way that 150$ million would ever make its way back to the community in the form increased restaurant business and other associated economic benefits. If there isn't an arena downtown people that come downtown are still gonna do other things and spend that money at cinemas, museums, pubs and other things. With our downtown becoming a much more dynamic place I don't think an arena is needed to create buzz; there's already some of that coming and more is on the way.
Also, I think the economic case against subsidizing professional sports facilities is pretty good. long article here. But given that the Aud is a city-owned building and the Rangers are owned by the season-tickets holders as a not-for-profit it might not be the same as NHL and NBA stadium deals but I still think that the economic benefits of stadiums are over-sold. Without the option to go to a game downtown, people are still gonna go out and catch a movie, have a fancy dinner or go out to a club so the spending would still happen it's just spread out over different things and over more time rather than just 35 nights a year (or however many home games they have now)
Besides that, the space needed for a rink would consume a lot of land, I'd guess at least the big open field at Victoria Park for a size comparison plus whatever lands needed for parking. I don't see that much of downtown worth razing so the Rangers have a shiny new home.
A new arena would cost at least $150 million so I don't think there's any way the city could afford to build a new one. I don't think there's any way that 150$ million would ever make its way back to the community in the form increased restaurant business and other associated economic benefits. If there isn't an arena downtown people that come downtown are still gonna do other things and spend that money at cinemas, museums, pubs and other things. With our downtown becoming a much more dynamic place I don't think an arena is needed to create buzz; there's already some of that coming and more is on the way.
Also, I think the economic case against subsidizing professional sports facilities is pretty good. long article here. But given that the Aud is a city-owned building and the Rangers are owned by the season-tickets holders as a not-for-profit it might not be the same as NHL and NBA stadium deals but I still think that the economic benefits of stadiums are over-sold. Without the option to go to a game downtown, people are still gonna go out and catch a movie, have a fancy dinner or go out to a club so the spending would still happen it's just spread out over different things and over more time rather than just 35 nights a year (or however many home games they have now)
Besides that, the space needed for a rink would consume a lot of land, I'd guess at least the big open field at Victoria Park for a size comparison plus whatever lands needed for parking. I don't see that much of downtown worth razing so the Rangers have a shiny new home.