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One investor takes issue with Broadway’s financial woes
James L. Walker Jr. invested $50,000 in the recent revival of “Cabaret at the Kit Kat Club” on Broadway. The star-studded performance closed early in what producers called a financial loss after being open for about 14 months and 592 regular performances.
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“When you look at a play that’s grossing an upwards of nearly $100 million, it’s hard to explain how we didn’t make our money back,” Walker said.
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In August, the Atlanta-based investor filed a lawsuit against the show’s producers, alleging breach of contract and what the suit calls a “deliberate scheme” to strip him and other investors of their money.
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“Obviously, we want our money back, but yes, a major consideration is how do we change the overall infrastructure?” Walker questioned.
ATG Entertainment, the defendant in the lawsuit, would not comment on active litigation but has denied any wrongdoing and filed a motion this month to dismiss the suit.
Off-Broadway shows are trying something new
While shows on Broadway struggle to find a solution to their financial woes, one off-Broadway show has taken a unique approach to draw crowds.
“Masquerade” — a reimagining of Andrew Lloyd Webber’s classic “The Phantom of the Opera” — has audiences donning masks and sipping Champagne upon entering a transformed six-story art shop in midtown Manhattan. Webber also helped produce the $25 million show.
Adding to the experience is a secret password to enter and artwork from some famous names like music legend Bob Dylan.