Live Nation Rises as New York Set to Bring Back Concerts April 1
Shares of concert promoter Live Nation (LYV) - Get Live Nation Entertainment, Inc. Report got a boost Thursday after New York set an April 1 date for allowing concerts to return to the Empire State.
Starting in April, sports venues with an outdoor capacity of 1,500 people or more can open at 10% capacity and venues with a capacity of 2,500 people or more can open at 20% capacity.
"It's spring. The weather changes. It's a whole new look at life for New York," New York Gov. Andrew Cuomo said Thursday during his daily COVID-19 update.
“All indicators are good. You’re going to see increased capacity and more flexibility across the board going forward.”
Attendees must show proof of vaccination or a negative test in order to gain access to concert and sports venues. And they must follow strict social-distancing guidelines.
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Yankee Stadium in the Bronx will keep its vaccine center open during the season.
Earlier this month, Live Nation reported a loss of $8.12 a share in its most recent quarter. But the company was optimistic in its outlook, saying pent-up consumer demand would help it reverse course once COVID restrictions were lifted.
During its conference call, the company said it would need a three-month lead time to ramp up activities for its various venues.
The company reported a cash burn of $142 million a month in the quarter with a global refund rate of 17% for canceled concerts.
Live Nation shares at last check were up 3.5% to $89.75. Two weeks ago the stock touched a 52-week high $94.63. That's more than triple the 52-week low of $27.51, set almost exactly a year ago.
