Reports say that Brooklyn’s Barclays Center has only generated a third of the arena’s expected profits. Based upon publicly released documents by Bruce Ratner’s parent firm, The Wall Street Journal believes it will only create 26 of its predicted 76 million in year one.
More, from NetsDaily: “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.”
Brett Yormark, CEO of Barclays Center, believes they can reduce their expenses by 15%, possibly more.
Well, when Jay-Z plays eight shows in a row at Barclays, it comes as no surprise that the arena has been one of the top grossing venues in the world.
Full story can be found here.