Music Hall expansion plan clears Historic District Commission

[Richard]

"$80M in bonds to be covered by future concert revenue."

Man I know concerts cost an arm & a leg now a days but that is a LOT of concert revenue to bring in and pay those off.

You would be surprised ticket sales are a $4.6 billion a year,after expenses the talent gets roughly 48%,the promoter gets 5% of venue sales.

The venue gets money from ticket sales,VIP box rental,concession and merchandise.

If you go back - 2015 the top 5 concerts generated $350 million and when you look at the casinos who book top acts for a three year run the venue itself is making $150 - $200 million.

So spending $120 million to build is really nothing,even more so it’s based on it cost X amount in monthly payments for that verses the potential revenue the use of it will generate over and above.

Last concert I went to during the pandemic was The Rolling Stones and the ticket was $800 to stand,people were paying over $1500,the stadium capacity was 62,000,the entire football field was packed standing room only and the bleachers were probably 60% full,so that 1 concert probably generated more revenue then the entire football season.

But this is 2000 seat so to generate for that it is going to have to be big names and top talent,if they can pull it off,it will say a lot of positive for the region.

The problem with the wedding venues etc thing,which many people found out that bought the massive historical country estates in the UK and Chateaus for pennies on the dollar and restored them,they may have saved them but it became a saturation point where everybody is doing it.

Just like here where a lot of things that gained popularity during the pandemic that offered an escape are now falling by the wayside because everybody started doing it.

Concert and entertainment venues will always be there because they offer an escape even if it is only for a couple of hours.

Anything arts and entertainment in a given region is a positive influence.