Here is what needs to happen:
1) Sell the Vet to UMC. They've been asking for the land for years. The hospital needs to expand. Mississippi needs the med school to expand. When I worked at UMC I had to park on the far side of the Vet, there are that many employees. UMC needs more room.
2) Tear down the Colosseum. Build a larger multi-purpose dome (big enough for a football field). Sell the naming rights (see if Nissan or Toyota are interested, or even Ingalls) Let JSU play there (for a fee of course), and fight like hell to get Jackson back in the rotation for the MHSAA football championships. Steal the MAIS championships from MC (won't be too hard, since JA and Prep are tired of Clinton).
Bid to ESPN to steal the Birmingham Bowl. Get a sponsor on board (preferably a MS company like CSPIRE). Since Birmingham can't even get a sponsor, it is in danger of losing the bowl. Especially if Jackson has a new dome. Legion Field is straight-up POS in a horrible part of town.
3) Have the stadium ready to convert to basketball in a flash and bid CUSA, SEC, and even Sun Belt to host conference tournament. I can personally attest to the fact that Ole Miss and MSU have been pressuring the league to get something in the state since it is just about the only state to never have anything (and has two founding members).
4. Renovate the hotels in the area, clear out the abandoned buildings, and build a new police precinct in the area. Put in new retail and restaurant. Let Mattiace handle it. He has the golden touch.
5. Bid to NFL teams to do training camp there. The Saints were a huge success for Millsaps. Imagine the Giants or a team with a Mississippi connection doing training camp in Jackson. Host an exhibition game.
6. Get on the phone with every single talent agency and book the place up with musicians, comedians, speakers, whatever will sell tickets. Get TSO on an annual basis, not periodic.
7. Sell beer.
8. Should have mentioned earlier, but get a football kickoff game. It won't be big SEC team vs. big ACC team at first, but start with like a top CUSA team and an AAC team. Something to generate some revenue. It doesn't have to be a homerun to start, just enough to bring some money in and build some credibility.
9. Host an early season invitational for NCAA basketball. Get some recognizable names, maybe some recent Cinderella teams.
10. Host a high school basketball tournament for the metro area schools. There are already a few scattered around the area on MLK Day. Take those over.
It can be done. It will be a large investment, but it could be done if the right people are behind it.