When the Barclays Center opened up in Brooklyn before last season, it was expected to be the mecca of entertainment for modern day events. Jay Z opened up the arena with a sold out concert, and it would host everything from the NBA Draft, to boxing events. Well, according to the Wall Street Journal–via Nets Daily–it isn’t the juggernaut it was supposed to be:
Eliot Brown of the Journal writes that the arena will produce about $26 million in operating income in its first year, 2/3rds of the $76 million projected … and less than what the arena has to pay out to its bondholders.
Forest City Enterprises which owns 55 percent of the arena operating company attributes the shortfall to the opening costs, “to make a big splash in the first year, investing heavily in marketing, customer service and securing top acts,” writes Brown. Indeed, the arena has been the nation’s top grossing venue for concerts and family shows through the first three quarters of year one … and second in the world.
I’m sure it will take some time to really get it built up, but the Nets should sell out every game. This really doesn’t mean much, but you may see a more concerted effort to get events in the Barclays Center soon.