Despite $20M in refund requests from season-ticket holders so far for the '20 MLB season, largely because of the coronavirus pandemic, Yankee Stadium’s long-term business prospects remain stable, according to Fitch Ratings. The ratings agency yesterday issued a BBB+ rating for Yankee Stadium and gave the venue a “stable outlook.” Fitch’s grade for the ballpark takes into account a significant operating loss for the '20 season because of pandemic but expects the venue will break even in '21. Fitch assumes Yankee Stadium beginning in '22 will bring in a minimum of $288M in total revenue and its non-premium and premium ticketing revenue will be on par with the '19 season. After the '22 season, Fitch assumes ticket prices at Yankee Stadium will rise 1% every year thereafter. The Yankees’ playoff revenues will be $20.6M, down from $69M in '19, because the ballpark's expenses are assumed to increase 3% every year and will eat in that revenue, according to Fitch. Yankee Stadium’s rating assumes a slower ramp-up following the coronavirus outbreak and builds in softer growth rates, with total assigned revenues reaching $278M by '24, reflecting flat playoff assigned revenues of $10M per year, Fitch analysts noted.
