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Barclays Center reports $18 million in quarterly cash receipts; partial recovery from pandemic, but way behind $50.8 million two years earlier

Brooklyn Events Center, which operates the Barclays Center arena, last week released to bondholders its required quarterly report of cash receipts, which covers the first quarter of calendar year 2022, or the third quarter of fiscal year 2022.

The report indicates $4.3 million in suite and sponsor installments, and $14.2 million in ticket sales, for a total of $18 million in receipts.

Comparison to previous years

That's certainly a partial recovery from the dismal pandemic-damaged first quarter in calendar year 2021, when total cash receipts were below $2.6 million, as I reported.

But it's well behind the pre-pandemic receipts in the first quarter of calendar year, 2020,when suite and sponsor installments were $26.8 million and ticket sales $24 million, for a far more robust total of $50.8 million, I as I reported.

Note that cash receipts do not reflect profits, as revenues and expenses are reported separately. And likely some of those 2020 receipts had to be refunded or credited, given the arena's shutdown in March.

The New York Post reported 4/30/22, based on anonymous sources rather than publicly available documents, that the arena and team were losings "between $50 million and $100 million combined in the 2021-22 season." That's a pretty wide range. But it's certainly plausible. (Also see coverage here.)