Luxury suites are not unnecessary. They are big revenue generators and we are worse off financially for not having them.
The extra revenue would be nice, but again, it's not necessary for success (sellingout our arena every game would give us more ticket revenue than vcu can generate with their luxury suites -- not that that would ever happen, but don't undersell the revenue potential of having almost 10,000 seats). And they really don't do anything to improve the average visitor's experience of the arena.
All I'm saying is, if we're unwilling or unable to spend the $20 to $30 million it would take to put in luxury suites it's not the end of the world.