Will The Islanders-Nassau County Referendum Pass?

[S.I.B.]

Originally Posted by I_Love_LI_but

I am hanging on as tight as I can!

Let Wang pay the $48 for all of us. It's his team. Not owned by us. He's a billionaire. We aren't.

Where is that Republican NIMBY COW when we need her? I bet she's been paid off somehow to keep her trap shut this time. I will be voting against that sea cow (my apologies to the manatees) at the next opportunity.

Exactly. if this idea is going to be such a big money maker, wouldn't he want to finance it himself and then keep all of the profits?

Stadiums/arenas have proven to be a money loser when they're publicly financed NEARLY EVERY SINGLE TIME.

Not to mention the theory that any sales tax revenue generated from the new arena will just be cannibalizing existing revenue.

[Goodnight]

Originally Posted by S.I.B.

Exactly. if this idea is going to be such a big money maker, wouldn't he want to finance it himself and then keep all of the profits?

Stadiums/arenas have proven to be a money loser when they're publicly financed NEARLY EVERY SINGLE TIME.

Not to mention the theory that any sales tax revenue generated from the new arena will just be cannibalizing existing revenue.

That's exactly what the owner of the LA Kings did, he went out an got a loan from a bank for around $300M and gave another investor a partnership, then he got the Lakers & Clippers. They were losing $5M a year in the early 90's now they are extremely profitable.

You stated the obvious, if it's such a great deal let Wang find some investors and make it a private enterprise.


Article below from 2004 but gives you an idea how some of these owners use leverage to get some real estate developments around their arenas, not to mention some creative accounting where they don't include cable contracts in their profits.
http://www.forbes.com/forbes/2004/1129/124.html



More recent article from 2010, almost half the teams are losing money and this is going to be the centerpiece of a taxpayer funded stadium?

The Business Of Hockey, 2010

[Goodnight]

Its a good thing putting this to a vote but after all this time they waste $2M for a special vote in August, they can't wait 3 months after all these years?


"The discussion was preceded earlier in the day by a rally on the steps of the Legislature, where Mangano joined other supporters of the project — mainly union laborers and Islanders fans. Many of the supporters had left, however, by the time the subject of the Coliseum came up — four hours into the meeting."

County Legislature discusses Coliseum plan - West Hempstead - LIHerald.com - Nassau County's source for local news, breaking news, sports, entertainment & shopping=