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October 26, 2007
Zimbalist: "not clear" that Newark arena will make it
Atlantic Yards Report
With one new arena open, another approved, two others on the drawing board, and the old fuddy-duddy Meadowlands still hanging around, can the region potentially support all of these entertainment options?
Sports economic expert Andrew Zimbalist sez, probably not, but then again, he has said a lot of things, especially when hired by NJ Nets owner Bruce Ratner.
Opinions differ, according to those quoted in a 10/1/07 NJBIZ article headlined The Battle of the Arenas. One skeptic is Smith College sports economist Andrew Zimbalist, who pointed out that each facility must compete for corporate sponsorships and sales of premium seats.
The article states:
“All of those things will be difficult,” says Zimbalist. “It’s not 100 percent clear that the Meadowlands will stay in business, and it’s not clear to me that the Newark Arena will make it.”
Certainly Newark's new Prudential Center, with only one major sports team rather than two as a main tenant, and in a city carrying a rep for crime, will face challenges, especially if the Meadowlands remains as competition for concerts. If the latter arena closes, well, New Jersey needs a major venue. Still, the Pru is spiffy, near transit, and went through an apparently successful opening yesterday.
NJBIZ should've pointed out that Zimbalist is hardly a neutral observer when it comes to Newark's arena.
Posted by lumi at October 26, 2007 8:45 AM