The first season for the New York Islanders at UBS Arena may not have been an artistic success on the ice, but it was wildly successful financially.
“One of the things that got lost, is that the Islanders just experienced one of the greatest turnarounds in history from a business standpoint,” said Tim Leiweke, the chief executive of the Oak View Group (OVG), which partnered with the Islanders on the new $1.3 billion facility built adjacent to Belmont Park in Elmont, N.Y.
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“If you look at what they accomplished this year, it may be one of the top two or three best turnarounds in National Hockey League history.”
The team failed to make the playoffs but went from the bottom of the league in attendance to selling 99% of their tickets, and to the top third in premium product and merchandise sales, Leiweke added in a recent interview.
“Their sponsorship is probably triple or quadruple a year ago,” Leiweke said, though club officials and the NHL did not disclose specific dollar amounts. “It’s just been amazing.”
Every major sports team experiences a revenue boost from a new facility, but the Islanders’ jump is noteworthy because it comes at the end of a decades-long search to build a new arena in Nassau County. This one was privately funded and accomplished with the cooperation of New York State, which approved the use of the land next to the famous horse racing track. The Islanders had been playing games in the 12,000-seat Nassau Coliseum after moving out of Brooklyn’s Barclays Center.
The Islanders drew 16,492 for 41 dates this season in a spectacular building that seats 17,255 for hockey. While that ranks 16th in the 32-team NHL, most of the teams above them have a higher capacity in their buildings for hockey games. The more pertinent figure is that the Islanders sold out 99% of their tickets—including their entire season-ticket allotment of 11,000. Only six teams played to 100% capacity.
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The big six didn’t…