Barclay's Center & Brooklyn/Queens Talk Part III
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07-17-2012, 03:09 AM
Join Date: Dec 2003
Originally Posted by
I continue to laugh at how preposterous some people seem to be. what these people fail to realize is if wang was going or willing to pluck down his own money for a renovation or new arena wouldn't he have done so already? he was willing to do it but only if he got his lighthouse. no lighthouse no new or renovated arena. simple as that.
Preposterous is your mantra. WHAT YOU fail to realize is his personality, his history in busines, the LOGISTICS of his efforts thus far and the rationale behind them and how biased you are against Nassau might be clouding any ratinal thought for the events that took place.
He has the rights exclusively to NVMC until 2015. THREE MORE YEARS. He went for the LHP, a GRAND SCHEME. THE HOME RUN. He failed, going too big and ignoring the process as Nassau did, wasting his efforts by bypassing the most critical component: ZONING AUTHORITY (the ultimate say in what could go up).
He then went for the quick buck: a masked attempt at taxpayer assisted funding for an arena. It originally was billed as Wang paying it all back but when looked at, Wang would pay most back if he didn't meet revenue expectations, STICKING TAXPAYERS WITH THE DIFFERENCE.
So now what? He has an anxious County passing RFQ's and RFP's that have already been scrubbed and one still out there but he won't bite. Nassau is trying to make something happen and Wang sees it.
So why should be bite now? His leverage grows, correct? As 2015 comes closer, the threat of Nassau losing much needed revenue GROWS EXPONENTIALLY. The Brooklyn threat must be weighing HEAVY. (KC was a joke; Brooklyn is much more pointed a threat)
If Wang is playing his cards like I saw him do at CA when I had them in my portfolio (big mistake), he is acting as a petulant, unyielding robber-baron and waiting with clenched fist to strike, as he did in his many takeovers. He works on CONTROL, with a cynical contempt for competition and regulation. He most likely is waiting to bleed Nassau into submission, and he'll wait to make the best deal come to him, using intimidation. Read up on him, it's fascinating (what an effective a-hole he was).
Nassau will propose and propose and try and sway him and Wang will let things get desperate and then he will make his demands. I would bet he tries to get the NY funding in place used, after three more years of Nassau fixing the seats as they are, fixing the damage and then he'll offer a refurb (at lower cost) in exchange for a sweetheart lease and all rights to revenue. He may yield a little but won't have to yield much.
So.....if he can go from $100M in gross revenue as things are now to attracting more acts, selling more seats, charging more for all seating, charging more for all concessions and advertising and parking and jump the revenue to $180M.
The hockey games make over $1M in revenue a game (third worst in the NHL I believe). The Isles lack luxury boxes, though, a HUGE impediment to sales (guaranteed revenue every night and every event (and a tax write off for businesses)). Add those numbers to the nightly take, and add the additional seats sold just per game and concert, and THEN.....
add the number of acts that will play there compared to the very meager amount that do now.
Is it not a massive increase in revenue?
And is it not true that the lease is tax benefit, the capital improvement is a massive write off, the additional revenue atop the expenses is sizeable and thus, the rationale for spending to increase all revenue streams is very attractive and financially beneficial?
It just won't be in Queenz or Brooklyn
And while we wait and gasp, Wang and Nassau get closer to Wang making his move. A smart one.
BTW, I was dead wrong about Wang in 1999 when I called him a crook, and was nearly banned, and I was dead wrong about DP and his game and how he'd get injured in no time. I was wrong about the referendum not passing and the LHP not passing, as I said it was a pig in spandex or something like that. I've been wrong a lot. I'm preposterous, afterall.
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