LOS ANGELES — A little more than a year after purchasing the Forum in Los Angeles, The Madison Square Garden Co. (Nasdaq: MSG) announced its plans to breathe new life into the iconic West Coast arena. After extensive renovations to the tune of $100 million, the former home of the Los Angeles Lakers and Kings will reopen in January 2014 with three shows by California’s legendary band the Eagles.
“Our acquisition and revitalization of the Forum is a perfect complement to The Madison Square Garden arena,” says Hank Ratner, president and CEO of the Madison Square Garden Co. “It now allows us to have world-class venues in both New York and Los Angeles, linking the top two entertainment markets in the country, and continues to expand our position as one of the country’s premier live entertainment companies.”
The Forum, long a centerpiece of L.A.’s Inglewood community, is only the latest of several famous American venues to get The Madison Square Garden Co. treatment. In recent years, the company has purchased and restored to prominence New York’s Radio City Music Hall and Beacon Theatre, the Chicago Theatre and Boston’s Wang Theatre.
Chase Bank is the Forum’s new presenting partner, while renowned architectural firm BBB Architects will be taking the lead on the facelift. By the time the Eagles play in five months, the interior bowl will be completely modernized, featuring flexible seating that allows for larger events up to 17,500 seats to more intimate performances of 8,000 seats. The arena will also be enhanced with the addition of a sky deck, which will allow it to accommodate even the very largest touring productions.
More than 8,000 square feet of new hospitality offerings, including food and beverage, merchandise and bathrooms, will be added to the general admission floor, which will now be one of the largest in the country. For VIP patrons, both a reimagined Forum Club and the new Chase Lounge should entice; and for the performers themselves, seven upgraded dressing rooms await.
Finally, the building’s exterior is not to be ignored. The 40,000-square-foot perimeter terrace will receive a full renovation, including its own food and beverage amenities. In addition, a new marquee will be installed at Manchester and Prairie, and the trademark “California sunset red” color is making a comeback.
James Dolan, executive chairman of The Madison Square Garden Co., says the overall vision for the project is to “return the venue to its celebrated position as one of the most beloved and well-known venues in the country for the benefit of the community, fans and performers for generations to come.”
After the Lakers left for the Staples Center in 1999, the Faithful Central Bible Church purchased the Forum in 2000. Besides Faithful’s Sunday services, which ceased to be held in the arena in 2009, the Forum largely served as a rehearsal and filming site until its June 2012 acquisition by the Madison Square Garden Co.
The Madison Square Garden Co.’s stock price closed at $58.62 per share yesterday, up from $36.25 per share year-over-year.
— John McCurdy