Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

Barclays Center reports slightly increased ticket sales in first quarter of 2021, but big drop in suite and sponsor installments; does that reflect credits or discounts?

That latest quarterly statement of cash receipts for the Barclays Center operating company shows an increase in ticket sales over the previous quarter--a sign events have resumed--but a distinct drop in the amount from suite and sponsor installments, to $1.2 million from $6.6 million.

That's the first quarter of calendar year 2021, but the third quarter of the fiscal year, which ends in June.

As I wrote in February, the arena logged nearly $6.6 million in suite and sponsor installments in the previous quarter. (See screenshot further below.)

This may refer to discounts and/or the commitment, announced in the previous annual report (as I wrote last October), to provide "make goods"--credits for under-delivery--"totaling $11,043,996 to its partnering sponsors and suite license-holders." 

That value was partly recorded in deferred revenue, reflecting the value received but not yet delivered, but another part was "not reflected in the financial statements."

Looking at the history

Note that in the third quarter of calendar year 2020, or Q1 of its fiscal year, the arena company earned nothing from ticket sales and $4.67 million in suite and sponsor installments, as I reported in December.

See screenshots below. 

Q3 2020, aka Q1 FY 2021: $4.7 million



Q2 2020, aka Q4 FY 2020: $3.5 million



Q1 2020, aka Q3 FY 2020: $26.8 million


Comments