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SBD/July 16, 2013/Facilities
Mets, Yankees Both Seeing Declines In Ballpark-Related Revenue
Published July 16, 2013
POSTSEASON HANGOVER? On Long Island, Jim Baumbach cites quarterly revenue statements as showing that the Yankees' "overall ticket and luxury suite revenue has declined" 11% since the new Yankee Stadium opened, dropping from $397M in '09 to $353M last year. Standard & Poor's analyst Jodi Hecht said that the decrease is "mostly because the Yankees have hosted fewer postseason games in recent seasons compared with" when they won the '09 World Series. The Yankees declined to comment. The information focuses "only on ticket and luxury suite sales." Hecht said that of the $397M in ticket and suite revenue in '09, $72M was "generated from the team's eight home playoff games." She added that in the three seasons since, the Yankees have "averaged an estimated" $57M in playoff ticket revenue from four home playoff games a year. In its "first fiscal quarter filing, the Yankees reported" $207M in ticket and suite revenue, down from $214M in Q1 last year. The Yankees "drew more than 4 million fans in each of their final four seasons at the old Yankee Stadium, but averaged only" $198.4M in annual ticket and suite revenue." Financial statements for the Yankees bonds show that in the first four seasons at the new stadium, the team "averaged $378 million in ticket and suite revenue, bolstered by postseason runs" (NEWSDAY, 7/16).
BUILD ME UP: In a special to the GLOBE & MAIL, Joe Lapointe writes Citi Field and Yankee Stadium are "part of a sports-facilities gold rush in the New York area that has sharpened competition for events and given customers more and fancier choices for a sports experience." By '15, "all 10 local pro teams will play in modern, amenity-filled venues that were either built new or refurbished in the last decade." Yankees President Randy Levine said, "We’re not here to please television commentators and what they think the stadium looks like. We’re here to please our customers and fans. And all of them are very happy with those seats and they are basically sold" (GLOBE & MAIL, 7/16).