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January 9, 2007

Politicos laud arena 'adventure'

An article in the Bergen Record about the newly dubbed Prudential Center arena explains that for the New Jersey Devil's new home in Newark to succeed financially, the State of NJ must close the Continental Airlines Arena in the Meadowlands.

[Newark Mayor Corey] Booker also reiterated his stance that Governor Corzine should order the closing of the Continental Arena, which would be a competitor to the Prudential Center.

"One of the things necessary to making this project work here is a solution coming with regard to Continental Arena," Booker said.

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TwoTooManyArenas.jpgNoLandGrab: This is a stark reminder that Ratner's own financial analysis of Atlantic Yards, released in 2004, assumed that there would be 224 events a year provided the Meadowland's Arena would be closed and that there were no new arena in Newark (see, Kate Galassi's public comments, quoted in Atlantic Yards Report).

Even if the Meadowlands were closed, there would still be one too many arenas — lucky taxpayers.

Therefore, by Ratner's own expert analysis, the financial success of a Brooklyn arena is dubious.

Posted by lumi at January 9, 2007 9:52 AM