Venue Detail
New York Islanders
Revenues From Sports Venues Pro Facilities Report
February, 2012
New York Islanders
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1535 Old Country Rd Plainview, NY 11803 Phone: 516-501-6700 Fax: 516-501-6729 URL: www.newyorkislanders.com Owner: Charles Wang League: National Hockey League, Conference A
Venue
Nassau Coliseum, 1255 Hempstead Tpke, Uniondale, NY 11553-1200 Owner: Nassau County Managed by: SMG Facility Management Built: 1972 Capacity: 16,295 Permanent concession stands: 11 Concessionaire: Savor Suite caterer: Savor Soft drink: Coca Cola Beer: Multiple
Ticket prices
Season tickets range from $633 to $4,620 Single tickets range from $23.00 to $190.00
Attendance
2009 average attendance: 17,705 2010 average attendance: 12,735 2011 average attendance: 11,059
Suites
Quantity: 32 Term: 1 to 5 years Price: $135,000 to $330,000 Seats: 8 to 22 Includes: Tickets for all games plus other events and VIP parking passes.
Club seats
Quantity: 150 Term: 1 to 1 years Price: $3,465 to $3,630 Includes: Parking, tickets, access to a private restaurant, an in-seat wait staff.
Financing
The $31.3 million venue was built with tax exempt bonds.
The Nassau Coliseum is a multipurpose facility which hosts figure skating shows, pre-season NBA games and a variety of concerts and expositions as well as being the home of the NHL Islanders.
Nassau County and owner Charles Wang reached a lease agreement in 2010 for a new arena, but in 2011 voters rejected the plan. Had the referendum passed, the bonds would have required the approval of a state supervisory panel, the Nassau Interim Finance Authority, which runs the county's fiscal affairs, and a two-thirds vote by the county Legislature. The county panel is still free to take up the bond issue.
Wang, who bought the Islanders in 2000 for about $190 million, said he was “heartbroken” by the outcome. He said he was disappointed that voters didn't see the proposal as “a move in the right direction for growth.” No clear direction for the team is been outlined.
Under the terms of the agreement, structured by New York City-based Nixon Peabody, Nassau would be responsible for funding the $350 million needed to demolish the current Coliseum and construct a new arena. Any costs above the $350 million would be paid by Wang and the Islanders. The county would then receive 11.5 percent of all revenue generated from events held at the new arena. The agreement also specifies a floor of $14 million, meaning even if no revenue was generated from the new arena, Nassau would still be paid a minimum of $14 million per year.
That $14 million represents about 70 percent of the county's annual debt service – totaling $433 million over the course of the lease, according to an independent report on the arena's economic impact conducted by Saratoga Springs-based Camoin Associates.
Nassau would retain the development rights for the 77 acres of property surrounding the Coliseum. Nassau County Executive Ed Mangano said the county has formed a committee to decide what else should be developed there, and would be issuing a request for proposals once the determination had been made. Wang said he was open to submitting a proposal for additional development on the property.
Financing on a proposed minor league ballpark on land near the Coliseum was not part of the lease agreement. The county has received two bids for that project – from the Long Island Ducks and the New York Mets.
Club Box seats for the Islanders cost $20,055 per season. The team also offers Arena Suites, which are groups of 10 seats, for $52,500 each per season. (Facilities, Financial, Ice Hockey, NHLNHL, Professional Sports)