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June 29, 2009
As Arenas Sprout, a Scramble to Keep Them Filled
The NY Times
By Charles V. Bagli
...those who study sporting facilities say empty seats may become even more commonplace here, as New York faces a glut of sports arenas.
...
At least two of the existing arenas already lose money, and experts say further casualties are almost guaranteed.
The article takes account of the existing and planned arenas — Bruce Ratner's Barclays Center, Newark's Prudential Center, the Izod Center in the Meadowlands, the Nassau Coliseum, and Madison Square Garden — and explains how each, especially Ratner's arena, is hoping to cannibalize the others.
Atlantic Yards Report, The Times's "arena glut" story suggests Barclays Center is on the way, marginalizes IBO's analysis as the work of "critics'
An article in today's New York Times, headlined As Arenas Sprout, a Scramble to Keep Them Filled, makes some valuable points, including the money-losing (Newark) Prudential Center's need to attract the Nets and/or have the Izod Center close down, but deserves several footnotes, since it in some places frames the Barclays Center too generously.
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The Times skates over an important issue:The competition in the New York area is not just for fans and performers, but also for public subsidies, corporate sponsors and well-heeled tenants for luxury suites.
More importantly, the Times neglects to question whether, given the glut of arenas, federal tax-payers, via tax-exempt bonds, should subsidize a new arena to tune of $100 million-plus.
Also of great importance is that this article undermines the report, authored by Andrew Zimbalist and commissioned and released by Bruce Ratner, that predicted that a new Nets arena would be a net gain for the public, provided that it would "host 224 events during the year (assuming the eventual closing of CAA, no new arena in Newark, no NHL and no minor league hockey events at the Atlantic Yards arena.)"
Crain's NY Business, Top Row
The Yanks are filling a smaller share of home-game seats, vs. 90.7% in "08, though their new home holds fewer fans.
Trailing the pack of local pro teams, Bruce Ratner's NJ Nets reportedly only filled 75.8% of their seats during the 2008-09 season.
Posted by lumi at June 29, 2009 5:55 AM