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Madison Square Garden Essay

1176 words - 5 pages

Topic: Madison Square Garden, often known, as “The Garden” has been the focal point for sports and entertainment in New York City since it’s inception in 1879. The Garden is a building that generates millions of dollars of revenue a year by hosting events. Because of the buildings nature there are different laws and regulations that it must comply with.
Summary: Commonly referred to as the “World’s Most Famous Arena”, Madison Square Garden has hosted some of the most memorable and iconic moments in sports and entertainment history. The Garden has proven to be a profitable building generating revenues by consistently selling out its events. The building recently finished a major overhaul ...view middle of the document...

The current Madison Square Garden opened on February 11th, 1968. It is located between 7th and 8th avenues from 31st to 33rd street in Manhattan. The Construction costs of the building were an estimated $123,000,000. The eight-story building stands 105.57 feet tall and is circular shaped with a domed roof. It is located atop Pennsylvania Station, one of the busiest passenger transportation facilities in the United States. An estimated 650,000 people travel through Madison Square Garden’s basement, Penn Station, per day. The Garden’s location above a major train station makes it easily accessible to people throughout the tri-state area, resulting in consistently sold out events.
Madison Square Garden has just recently finished up a 3-year top to bottom renovation costing over an estimated $1 Billion. The renovations have provided a significantly enhanced experience for customers, athletes, entertainers, fans, suite holders and marketing partners, from the first row to the last. Some of the upgrades include significantly wider concourses, new first-class food and entertainment amenities, improved sightlines, more comfortable seating, a dynamic new scoreboard, state-of-the-art lighting, sound and LED video systems in HD, fiber optic cabling throughout the building, new suites, clubs and hospitality areas, and views of the city from several areas of the building.

Madison Square Garden has proven to be more than just a temple for entertainment; it is a revenue-generating phenomenon. The building generates most of its revenues by hosting home games for the two professional sports teams that it owns: the New York Knicks, and New York Rangers. It also profits from many concerts and shows such as Z100’s Jingle Ball the National Dog show. Madison Square Garden brought in over 1.3 Billion dollars in revenue in 2013. It earned $470 million in its sports segment, $252 million in Entertainment, and $677 million in its media segment. For the year 2013, depreciation expense was an estimated $89.1 million.
An interesting aspect about Madison Square Garden from a real estate perspective is that it does not pay property taxes. Under the bill S7362-2009, Madison square garden is classified as exempt from paying real property taxes. The bill states, “This Bill Provides that the real property tax exemption for professional basketball and hockey franchises in a city of one million or more shall be subject to...

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