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Does it surpise anybody else that Wang is claiming the Islanders lose money? What I have read is that the Islanders pull in ~$60mil in revenue and players salaries are ~$35mil - that leaves ~$25 mil to offset the rest of the costs associated with all Islanders. Since Wang purchased the Islanders in 2000 for $131mil it can't be debt service.
Could it be LI does not provide enough of a fan-base for an NHL hockey team? According to Forbes they only sell out 67% of the coliseum - last in the league - yet there are teams that have worse or equivalent 3-5 year win-loss records that sellout at much higher percentages.
I don't that a new coliseum is going to change the Islander's finances.
Wang has lost tens of millions of dollars because up until recently, a major portion of the Islanders revenues -- including all revenue from parking and concessions -- went directly to SMG, the company that ran the Coliseum.
Wang has lost tens of millions of dollars because up until recently, a major portion of the Islanders revenues -- including all revenue from parking and concessions -- went directly to SMG, the company that ran the Coliseum.
What you say about the facility revenues is correct but attributing it to Islanders losses is incorrect. The $60mil revenue rate I quoted is taken from Forbes and one of the footnotes states the majority of it originates from gate receipts, advertising and licensing.
Why do you think that? The rosy projections offered by Wang & his paid PR people are based on Islanders attendance rising something like 79%. Yeah f'n right.
If you're going to go by those numbers, then you have to mention that under the worst-case scenario - as in the building is completed, the Isles fold, and not a single ticket is sold for any event at this new facility - the average household tax bill would go up a whopping ~$50 a year instead of ~$14.
Quote:
Originally Posted by S.I.B.
Islander attendance would be better if two things happened:
-move the building east
-incorporate a LIRR stop
As a lifelong Suffolk resident I personally would love this idea, but moving further from the city is probably not realistic unless the only other option is moving out of the area altogether. Still, a section of the old Pilgrim grounds would be great for a modern sports arena with a pro tenant - there's tons of room, a parkway running straight through the property, and even an old rail spur that could probably be cleaned up and connected to the Deer Park station to bring people to the arena.
Of course, the #1 thing the Isles could do to improve attendance is stop finishing near the bottom of the league and start winning, new arena or otherwise.
I feel my arm being twisted to vote yes. If not, instead of an arena, my tax dollars will just go to subsidize some other politically connected developer putting in 55+ condos and Kate Murray with a shovel and hardhat and a big ridiculous grin. Why is TOH not villified more for politically blocking the private development of the arena? Why no public referendum on that one?! Would have won a landslide. Hofstra was in, NCCC was in, dems, repubs. Just the crony filled, corrupt, good for nothing TOH govt looking a piece of the pie and politcal points. Check the employment roster of TOH. Reads like a who's who list of family and friends. It's sickening. A shelter that abuses animals and a building dept that abuses and extorts homeowners while it's employees skirt the regs without penalty. Do we really need a massive layer of govt to block development, decimate Hempstead Turnpike, run a lightbulb recycling program and make idiotic speeches at the opening day of snoopy soccer?! Can't the cub scouts handle all of that!?!
Seriously, has anyone SEEN the ghost town Hempstead Turnpike has become from East Meadow to Farmingdale. HOW do these clowns get re-elected time after time after time?!
Machine Politics 101, and the Town of Hempstead Republican Party runs that machine as well as anything, sure as hell runs better than the TOH government.
I am guessing that Wang did not grease enough palms in the TOH republican party to get the Lighthouse project passed. And of course he didn't give Armand D'Amato a no show job, so Al did not back the Lighthouse deal either.
Quote:
Originally Posted by mongoose65
I feel my arm being twisted to vote yes. If not, instead of an arena, my tax dollars will just go to subsidize some other politically connected developer putting in 55+ condos and Kate Murray with a shovel and hardhat and a big ridiculous grin. Why is TOH not villified more for politically blocking the private development of the arena? Why no public referendum on that one?! Would have won a landslide. Hofstra was in, NCCC was in, dems, repubs. Just the crony filled, corrupt, good for nothing TOH govt looking a piece of the pie and politcal points. Check the employment roster of TOH. Reads like a who's who list of family and friends. It's sickening. A shelter that abuses animals and a building dept that abuses and extorts homeowners while it's employees skirt the regs without penalty. Do we really need a massive layer of govt to block development, decimate Hempstead Turnpike, run a lightbulb recycling program and make idiotic speeches at the opening day of snoopy soccer?! Can't the cub scouts handle all of that!?!
Seriously, has anyone SEEN the ghost town Hempstead Turnpike has become from East Meadow to Farmingdale. HOW do these clowns get re-elected time after time after time?!
Nassau Cty should have overruled Hempstead on the Lighthouse project. County Land on two state roads, the town should have had no say. Wang would have built it with his own money then.
Seems like common sense, although that lacks in government.
If you're going to go by those numbers, then you have to mention that under the worst-case scenario - as in the building is completed, the Isles fold, and not a single ticket is sold for any event at this new facility - the average household tax bill would go up a whopping ~$50 a year instead of ~$14.
You know it's funny since I think most other taxes, especially income and capital gains taxes on the wealthy, are far, far too low. Except Nassau County property taxes. We need property tax relief, not another $50 a year. I know $50 isn't going to kill anyone but it's $50 here, $50 for the cops, $50 for the teachers, $50 for the wasteful duplication of county services, $50 for patronage jobs, and all of a sudden we have the highest property taxes in the nation.
Nassau Cty should have overruled Hempstead on the Lighthouse project. County Land on two state roads, the town should have had no say. Wang would have built it with his own money then.
Seems like common sense, although that lacks in government.
Not sure all of the rules and regulations, but the town had veto power or something like that over the deal, and Murray being a power hungry psycho used the veto power.
You know it's funny since I think most other taxes, especially income and capital gains taxes on the wealthy, are far, far too low. Except Nassau County property taxes. We need property tax relief, not another $50 a year. I know $50 isn't going to kill anyone but it's $50 here, $50 for the cops, $50 for the teachers, $50 for the wasteful duplication of county services, $50 for patronage jobs, and all of a sudden we have the highest property taxes in the nation.
True, but the county portion of the property taxes are quite low. That isn't to say I'm a fan of this plan, it doesn't make much sense, especially when we had the Lighthouse Project in motion until the Town of Hempstead Republican machine stopped that.
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