Nassau Coliseum To Close Indefinitely

UNIONDALE, NY — Nassau Coliseum, the home of the New York Islanders, will close indefinitely as its lease holder tries to find someone to take control of the property, its operating company said.

Bloomberg reported that Onexim Sports and Entertainment, the company that operates the arena through its subsidiary, Nassau Events Center, is closing the venue due to losses sustained during the coronavirus pandemic. It is seeking investors to pay off the remaining debt on the building. Onexim is owned by billionaire Mikhail Prokhorov.

Employees at the Coliseum will be laid off, Bloomberg reported.

The Islanders last played at the Coliseum March 7, when they lost to the Carolina Hurricanes in overtime by a score of 3-2. The NHL suspended the season March 12 due to the coronavirus crisis.

"The COVID-19 pandemic has brought challenges to arenas across the country, and our Coliseum is no exception, without hockey to anchor the venue," said Nassau County Executive Laura Curran said. "Nassau County is encouraged that Onexim is speaking to their lenders and other potential investors and we remain focused on development plans with RXR Realty, a strong and committed partner on this project.

"Transforming the Hub site, important before the pandemic, is now even more critical to Nassau’s economic comeback. We have momentum, and the collaboration of community stakeholders, elected leaders, business and labor, to ensure our success."

Onexim said that during the shutdown, it had been paying Coliseum employees their full salaries and reimbursed ticket holders for canceled events. The Coliseum, opened in 1972, is home to the Long Island Nets of the NBA G League and the venue has also hosted concerts and wrestling, among other events.

Onexim released this statement: "Sadly, the unforeseeable and unprecedented COVID-19 crisis has had a devastating effect on the operations of the Coliseum and its finances, and delayed the planned development. While we still believe in the enormous long term economic value of the Coliseum and the development of the surrounding land, [Nassau Events Center] recognizes that such value will be best realized by other parties.

"Accordingly, NEC has engaged with Nassau County, other important stakeholders, and potential investors to find the right party or parties to take over operations of the Coliseum. We cannot predict or control the actions of other interested stakeholders. However, we remain confident that the Coliseum and the proposed development project represent valuable investment opportunities, committed to the effort to find the right solution to the problems confronting the Coliseum, and hopeful that these efforts will bear fruit."