Over the decades The Nassau Veterans Memorial Coliseum has been the center of drama on the ice but three years ago it went far beyond a hockey game’s “sudden death.” Despite years in business, I was still shocked to find that the then current owner of the Coliseum had defaulted under his lease to Nassau County and was also defaulting on a $100 million loan my company had made to fund the building’s renovation.
As a lender, and one responsible to our own investors, we always believed in the enormous potential of the Coliseum and envisioned generations returning to the building in celebration of a broad range of events that mirrored its historic past.
When we assumed the lease in 2020, and paid all of the past due rent owed the county, it was our intent to reinvent the Coliseum as a vibrant, dynamic destination that would generate revenue for Nassau County taxpayers, offer a compelling venue for families and entertainers, and allow the building to realize its full potential. I felt this strategy would allow me to offer tens of thousands of people the same experiences I enjoyed inside the building while returning it to profitability.
COVID mocked our business plans as the nation engaged in a pandemic shutdown. It quickly became apparent that the health crisis undercut any real opportunity to resume normal Coliseum operations. Nevertheless, we were committed to keeping the lights on, protecting the value of the property and our loan for all concerned, staffing the building, and complying with the terms of our lease with Nassau County.
It is a point of personal pride that we were finally able to showcase the Islander’s last season at the Coliseum where they made an historic effort to reclaim the Stanley Cup. While their pursuit of The Cup ended far too soon we were honored to see the smiling faces of fans returning to a place where hockey history was made.
During this time the $1.2 billion reinvention of Belmont Park was completed, a world-class destination just under 10 miles from the Coliseum. It became apparent that COVID and Belmont had created a perfect storm that demanded a dramatic change in course for the Coliseum, and by extension, The Hub itself.
Status quo was not an option.
It also became obvious that as leaseholders we had an obligation to determine how the site’s next chapter would maximize its return to the taxpayers regardless of Belmont’s arrival because, at the end of the day, the Coliseum sits on public property. After reviewing a number of opportunities it became clear that the Las Vegas Sands was uniquely positioned to achieve that potential.
While much attention has been placed on the casino portion of their development proposal, their vision is far broader and infinitely more strategic. They have the resources and relationships to put the Coliseum property to use consistent with best development practices for Nassau County.
In the interim, Sands has reached out to the communities who live, work, or study, near The Hub. They have demonstrated a commitment to the entire site that goes far beyond a winning bet on casinos and consistent with the intent of our elected officials. As Nassau County Executive Bruce Blakeman told a regional business group this winter, “It’s got to be primarily an entertainment center and hospitality business with the casino as an ancillary use there…”
When we invested in the Coliseum no one could envision the massive aftershocks of COVID that continue to this day but it has been said no business plan survives its first encounter with economic reality. You need to be agile, open to new ideas, especially from others outside your circle, and be prepared to act decisively when opportunities present themselves. For that reason, we shook hands with Sands confident that the Hub’s next chapter will fulfill its potential while continuing to hear my father’s words when he and I first entered the Coliseum so many years ago; “Imagine the possibilities.”
Nicholas Mastroianni II is principal, Nassau Live Center, LLC
r
Opinion
Source link
