> When I heard Larry say that at the meeting I gasped. First, if you
> are a business man, why would you ever spend millions on something
> you were certain would lose money? I kept thinking that if they had
> public shareholders in Asbury Partners they would fire him for
> knowingly making a bad investment. Then I wondered if this was
> foreshadowing - if he is convinced it won't make money, then he has
> no plans to develop it. It lends credence to the theory that he
> will make money from the condos and let us take back the buildings.
>
I think many, if not all similar venues like the Count Basie Theatre (Red
Bank), State Theatre (New Brunswick), and Patriot's Theatre (Trenton) are
run by non-profit organizations. They get a little of their operating costs
back from tickets sold, but the majority from sponsorships and grants;
however, I do not think they lose money. They also present 200+
shows/events a year. How many events were at the Convention Hall /
Paramount this year? Maybe 40 at most?
Events like the Mexican concerts drew tremendous crowds; some top young rock
shows drew tremendous crowds. People have proven that they will come to
Convention Hall and Paramount when shows are taking place.
It's true that the biggest advantage to a place like Convention Hall is in
attracting people to the area to fill the restaurants, hotels, retail
stores, etc. But that only works when you schedule events. For him to
casually say it can never make money is wrong in my opinion. If run
correctly, I'm sure it could turn a profit. Of course, being run correctly
means fixing it up to look beautiful again. You have to spend money to make
it.
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