The New York Islanders, a former powerhouse ice hockey team that has had a run at Nassau Coliseum, will soon make a big move to one of the hottest spots in America. As one age ends, a new one dawns for them as they leave the Island behind, for better or worse.
The Islanders last year confirmed the rumors that in the 2015 season, the four time Stanley Cup champions will make the move to the Barclay’s Center in Brooklyn. While they have been a part of Long Island since 1972, team owner Charles Wang has no regrets over making the move.
“I as an owner need to make money,” Wang said. “When the renovation plans were turned down by Nassau County, I felt as if the move would be for the best.”
Nassau County, however, suffers on the whole. Many people are upset with the move because property taxes will now increase. A press-representative from Nassau County spoke to a journalist for NHL.com on the matter. He stated that “it will cost people living in the county anywhere from twelve to fifty-eight dollars a year in taxes to fix it but now, the increase in taxes can be anywhere from three percent to five percent.”
The money that used to stay on the Island will now be flowing into the city due to this move. Last year, the season only brought sixty-six million dollars to the Island, but the team is expected to come out of their money troubles with a steady four percent increase in revenue after the move each year.
Employment is expected to go down too; thousands of people worked for the organization through food sales, security, ushering, ice maintenance and other small jobs. Now, only a select few will be able to continue working for the team in Brooklyn. As a result, these employees will be forced to find work elsewhere.
There is a light at the end of this dark tunnel, though. Bruce Ratner, who owns the Barclay’s Center, was given the county’s permission to renovate the Coliseum using 227 million dollars from his own company, Forest City Ratner. “This new Nassau Coliseum would bring back jobs, money and tax dollars to the county” stated Ratner. However, according to NHL.com, Nassau Coliseum would only have 13,000 seats instead of 18,000 seats to accommodate more restaurants, an amphitheater, a bowling alley and a movie house.
Ratner states that he can guarantee a minimum payment of four million dollars per year with a gross revenue of 8 percent and parking lot revenues of 12.75 percent. He also said that it will generate 9.6 billion dollars over thirty years and 2,700 jobs.
As the New York Islanders leave the Island, the fans will stay loyal. The immediate future of the Coliseum, though, remains unclear. For now, we just have to wait until the new Ratner Coliseum comes to town.