Last luxury suite is sold for the new Bucks arena
Franchise approaching season-ticket goal of 10K
The NBA season is over, but the Milwaukee Bucks say they are scoring on the season ticket and suite sales fronts.
The Bucks announced Tuesday that they had leased the final luxury suite for the new $524 million arena. The suite, the last of 34 available, went to a local company that originally was considering tickets in another location, said Jamie Morningstar, senior vice president of ticket sales and service.
Representatives of the company saw the suite and decided very quickly that “it was exactly what they wanted,” she said.
The Bucks said the company that bought the suite did not wish to be identified.
The suite includes seating for up to 18 and gives the owner access to all events in the new arena — not just Bucks games. Suite holders are also encouraged to use the space for company meetings and private gatherings on nonevent days at the arena.
The Bucks were seeking $295,000 for seven, 10 or 12 years and hoped the suite will generate revenue of $2.5 million to $4.2 million.
The Bucks did not release details of the lease.
The revenue is crucial for the Bucks because the team retains all revenue from the arena in exchange for a promise to pay for all maintenance.
Season ticket sales strong
On the season ticket front, the Bucks have sold 2,200 new full season packages, Morningstar said. That brings the total to about 8,400 of the team goal of 10,000.
The Bucks currently lead the NBA in new full season ticket sales for the upcoming season, a league source said.
For the past several weeks, Bucks sales representatives have visited the new arena with likely season ticket customers to show them seat locations. In many cases, the deal is completed on the spot, Morningstar said.
“It’s those who are on the verge of saying ‘yes,’ ” she said of the prospects giving the special tours.
“In many cases, it’s people who already have seats who want to pick up some additional seats.”
Built with $250 million in public money, the new Bucks arena opens in late summer.