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).
