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MSG CEO on the Arena’s $980M Makeover

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    Madison Square Garden CEO Hank Ratner on the renovations to the New York arena.

  • Duration 4:16
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Not often you see any company these days -- 980.

Million dollars on a single project -- take a look we've been following Madison square gardens massive transformation from the very beginning.

The world's most famous arena is shopping at stores for 22 weeks for phase two.

And -- CEO and president -- -- are invited us to be there exclusively as the cranes got to work.

Strains on the -- you see the workers roll over and we're literally.

Taking out the entire -- Madison Square Garden.

To build a brand new laughable Madison Square Garden.

During the summer over your right shoulder the claims are starting right now -- you've got all kinds of equipment it's amazing to me that just ten days ago there was a hockey game for the Rangers.

-- and we certainly hope that we are playing instead of doing this today.

Here we are and it is amazing that you go look around and the luxury suites on the tenth floor.

Aren't there anymore they're been -- fifty truckloads of materials moved out of the building.

Thousand workers here every day since then decommissioning the building.

And now again getting ready to take down what we need to take down so we can rebuild the total project 980.

Billion dollars is the costs.

Is it -- time for.

Perhaps more importantly is it within your budget parameters -- nothing's changed materially from the 980 so that's still where we are.

As far as timing we still plan to be done.

For the start of the thirteen -- season.

Earnings beat up up top and bottom line estimates your revenue was pretty impressive it was up considerably Dell.

How in dollars and cents just the transformation crop up perhaps -- these.

Well what you saw as they affect the first effects of the transformation the full quarter with a transformation.

Both teams playing the building open for concerts and the effect of ticket pricing.

The -- suites the new sponsorship deals and who more reports of the new food.

So you see it for the first time affected in the numbers.

Knicks and Rangers let's get to that both teams made the playoffs the stock topic -- but actually pop sensation.

That his -- people live is Jeremy let coming back to the next next season.

Well I can't talk about apple I can't talk about -- thing Jeremy -- was one of the many factors that contributed that a financial success that we had over the past year.

And it -- been turned around we wanted to winning streak.

The Coach James we've wanted to charge and made the playoffs and again you're back for the transformation were quite significant as they -- had -- in that quarter Madison Square Garden.

Obviously the gigantic diamond.

What about adding another tool to -- to more of -- -- people know leave and options department perform we've been busily working on that option.

And you know we we we hope we move forward we hope to make that happen.

Listen you be buying it at a low price of the last they had there -- a flea market a rodeo and that's something that you would want Buckland going there it.

Great iconic building it happened to be built by the same architect that -- Madison Square Garden of the building we're very familiar -- And it's a beloved building it's one of those you -- speak to people in the entertainment and sports world.

They dream of arrived for a if we go forward before but because we think we can -- performance success.

And -- that the feedback we've gotten from.

Music musical performers -- -- -- industry got a lot of people cheering for that after about five will be watching for that and finally -- entertainment aspect of it.

But Justin Bieber.

But the teen singing sensation sold out but -- -- shows in thirty seconds.

Justin Bieber selling out there's not a usual we would have expected that most of the shows that -- fell out and that's one of the benefit people -- the -- the court.

They know we can sell out those shows.

And finally once again we look over your shoulder at the cranes beginning work right now we are here Fox Business here for the start of this what's your greatest hope and -- for this building.

Not just -- the repeat what happened after the summer one you know we couldn't be more thrilled with the success we have we reopened for this year.

When we reopen next year hopefully we'll find the same we'll get the same critical acclaim.

From everybody who came to the building whether they be the patrons or our advertisers or the athletes -- the performers we can just hope against a repeat what occurred.

But it's a lot of --

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