Party Like A Rock Star: Prudential Center Celebrates First Year

The Prudential Center during its first year of business has sold "more than 1.5 million tickets and received glowing reviews from fans," according to a front-page piece by the Newark STAR-LEDGER's Maura McDermott, who wrote under the header, "A Rock-Solid First Year." The arena held 150 total events during the year, including Devils games, concerts and family shows -- about 25 "short of the hoped-for number" -- but Devils Owner Jeff Vanderbeek said that he "feels confident the arena will book 175 events next year." McDermott reports AEG has booked "most shows at the arena," while Live Nation, the country's biggest event promoter, has "booked no acts there." The city of Newark is owed 7% of all revenues "from suites, concessions, naming rights and advertising," as well as 4% of all other revenue, which can range from $2-6M annually. The arena also owes $2.5M for "base" rent. Prudential Center has until Sunday to make the payments, and Vanderbeek said that his "accountants are still analyzing the numbers." Meanwhile, McDermott notes with the economy "in crisis, even the arena's biggest supporters say it must work hard to fill its calendar with top-notch acts, and the resurgence of the neighborhood around it will be slower and more hard-fought than expected." At least four new bars or restaurants "have opened within a few blocks of the arena," but "once-ambitious plans for new downtown hotels and skyscrapers have faltered" due to the financial situation ( Newark STAR-LEDGER, 10/20 ). 

Prudential Center Lands 150 Events In First Year Of Operation