The unprecedented closure will impact the Tony Awards and other Times Square businesses
Who says the show must go on? With New York Governor Andrew Cuomo’s decision on Thursday to ban all gatherings of 500-plus people, Broadway theaters collectively went dark for at least a month — a move that could mean at least $565 million in lost revenues.
The shutdown could lead to the loss of as much as $140 million in ticket revenues, based on grosses reported by the Broadway League from the same four-week period last year. And that’s not counting the ancillary spending by tourists coming to New York City specifically to see theater, which the League last year pegged at $5.1 billion for the entire 1998-99 season. That would amount to another $425 million for a one-month period.