Madison Square Garden Renovations (Part V)
View Single Post
07-31-2013, 11:25 AM
Join Date: Mar 2002
Location: New York
Cablevision is involved with the LA Forum renovation
MSG bought the Forum last year for $23.5 million from the Faithful Central Bible Church, which had owned it since 2000 but was largely unable to transform it into a revenue-generating property. MSG is putting more than $70 million into bringing it up to speed technologically and aesthetically, a potential advantage over the 14-year-old Staples Center. "The all-in figure is approaching $100 million," Dolan said, factoring in the purchase price and the building improvements.
In Inglewood, the project is seen as a source of community revitalization as well, a new source of jobs during the construction and revenue for the city that lost at least $800,000 a year in direct income from the Forum after Staples opened. MSG is guaranteeing the city at least $675,000 a year in ticket, parking and concession taxes once it's up and running again.
View Public Profile
Find More Posts by RangerBoy