Brooklyn Events Center releases quarterly disclosure: $46.85 million in tickets/sponsors/suites, which appears well over projections
See screenshots below, moving backward in time.
That second quarter figure is in the ballpark with the first quarter figure, which had slightly more revenues (about $4 million) in suite and sponsor installments and less (about $2 million) in ticket sales, whereas the fourth quarter of 2012--the first operating quarter--had far more in ticket sales and less in suite and sponsor installments.
Those figures, however, are rather opaque to the casual viewer: we don't know what percentage of ticket sales are season tickets paid up front, or whether suite and sponsor installments are supposed to be paid on an even, pro-rated basis.
How does that compare with the projections (right) in the bond offering?
It's difficult to understand, though the raw numbers suggest the arena is doing quite well.
ArenaCo was is supposed to earn, in 2012-13, $29.8 million in gross revenue from tickets and premium seating, but $24.4 million in net revenue.
The latter figure is what the company earned in a quarter, though the $24.4 million figure reported below is most likely gross rather than net revenue. The company is also supposed to earn $7.8 million a year in "rental payment from ticket sales," according to the bond offering.
Similarly, ArenaCo was supposed to earn $40.5 million a year in sponsorships and naming rights, while the quarterly revenue noted below is $22.5 million in "suite and sponsor installments"--not the same thing. It's not clear whether that includes naming rights, or what portion of the figure is suites vs. sponsors.
But if the suite revenues were separated out of the "suite and sponsor installments" number, and then added to the "ticket sales" number, it sure looks like the overall earnings for tickets and premium seating are well over projections.
Second quarter, 2013
First quarter, 2013
Fourth quarter, 2012