Live Nation gets another sweet, concert deal with AC. This time around, a three-year agreement for $1.8 million. Recently approved by CRDA, Casino Reinvestment Development Authority Board of Directors.
CRDA Wasting $1.8 million on LIVE NATION Beach Concerts in Atlantic City?
All voted yes, except Resorts President, Mark Giannantonio, who voted NO. Weekend events not helpful. Mid-week is better when we really need the business.
What does Atlantic City Mayor Marty Small think? Is Small ok that $1.8 mil will not directly benefit the average AC citizen?
What’s Mayor Small’s primary concern? He wants more urban acts on stage. So far, Small hasn’t provided comment on Hispanic, Asian, or other types of popular music on the beach. Small wants more diversity in musical acts. ‘We need urban acts on the beach’.
Unions were happy to hear of the concert deal. Lots of work for union members needing more income during the summer. That’s a good thing. But what about local residents?
Mayor Small had no comment on whether beach concerts help the average citizen of Atlantic City.
During public comment, a resident asked the CRDA board: how does a beach concert benefit the residents of Atlantic City?
Rob Long, representing Sheila Oliver from DCA, Department of Community Affairs (NJ State) offered a not-so-convincing response.
Socialite Gary Hill, who’s CRDA board term has expired, says he likes to attend beach concerts. He supports them. Doubtful that Mr. Hill pays for a ticket, though. Hill claims that PAL will (in some way) benefit, too. (Watch video)
As Press of Atlantic City points out: the latest CRDA deal with Live Nation comes against backdrop of congressional inquiry & probe involving Live Nation and others. Lawmakers are looking at ‘potentially unfair and deceptive practices in the ticketing industry’.
CRDA chief Robert Mulchahy sees no problem with Live Nation.
According to Press of Atlantic City: Mulchahy was aware of congressional inquiry / probe into LIVE NATION the day before CRDA voted on the deal. “If I thought there was a problem, I would address it,” he said.
Mayor Marty Small says Live Nation has done a great job here in Atlantic City. Others disagree.
LIVE NATION Accused of Unfair Business Practices.
From Chicago Tribune: Live Nation accused in lawsuit of cheating landlord / church at the Met Philadelphia out of proceeds from performances by Madonna and Sting.
LIVE NATION accused of breaking agreement to let the church that previously owned the music hall continue holding Sunday services there.
The lawsuit was filed in Common Pleas Court by Holy Ghost Met Master Tenant LLC. It accuses Live Nation and regional president, Geoff Gordon, of breach of contract, unjust enrichment, and other offenses, seeking unspecified monetary damages. READ FULL STORY >
LIVE NATION ADMITS TO SCALPING TICKETS …For Bands Like Metallica https://www.tmz.com/2019/07/22/live-nation-admits-scalping-tickets-reselling-metallica/
LOS ANGELES, CA / ACCESSWIRE / December 17, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Live Nation Entertainment, Inc. (“Live Nation” or “the Company”) (NYSE:LYV) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. The Wall Street Journal reported on December 13, 2019, that the DOJ is preparing to take legal action against Live Nation. The legal action is based on allegations that the Company strong-armed venues into using its Ticketmaster subsidiary. This would be a violation of the Company’s 2010 settlement as part of its merger with Ticketmaster. Based on this news, shares of Live Nation fell by 7.3% on the same day.
If you are a shareholder who suffered a loss, click here to participate.