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NJSEA NOT TAKING OFF WITH CONTINENTAL; MCMULLEN WANTS OUT
Published March 2, 1998
The NJ Sports & Exposition Authority (NJSEA) is "having a hard time breaking even on running" Continental Airlines Arena, according to Thomas Fitzgerald of the Bergen RECORD. The NJSEA "expects to clear just" $167,000 on $38M in arena revenues this year, according to the agency's budget. That "reflects the continuing costs" of "major lease concessions" it made with the Devils to keep them in NJ in '95, as well as "some concessions" it made with the Nets. Fitzgerald reported that the NJSEA lost $22,000 on the arena last year. NJSEA CEO Robert Mulcahy said that he is "optimistic" that the arena "could do better than projected" because both teams are "sure bets to make the playoffs this year, meaning extra games with extra revenue" (RECORD, 2/28). DEVIL'S ADVOCATE: Devils Owner John McMullen's drive for a new arena in Hoboken, NJ, was examined by Frank Brown in the N.Y. DAILY NEWS. McMullen called Continental Airlines Arena (CAA) "antiquated" and said the team "cannot survive" there. McMullen, on why he wants a new arena: "The question is, can an individual or a family organization compete against a big corporate owner? In order to do it, you need a certain stream of income. I get not a penny out of this thing, and nobody should expect me to do it forever. Certainly, my heirs aren't going to do it; they'll sell the damn thing" (Frank Brown, N.Y. DAILY NEWS, 3/1).