Amtrak’s proposal to rebuild Penn Station could lead to heaps of taxpayer money being used to subsidize a new entertainment venue for the Madison Square Garden Company.
The plan to overhaul the station calls for Amtrak to purchase the Infosys Theater at MSG, demolish it and convert the site into a grand light-filled entrance on Eighth Avenue. Previous estimates have put the cost of purchasing the theater at hundreds of millions of dollars.
During an investor’s call Wednesday, MSG’s chief financial executive David Collins fielded questions about the potential sale of the theater, which has a capacity for roughly 5,600 people. He noted the move would take away a revenue source for the company — but said the money from the sale could be used to fund a new venue, potentially in the five boroughs…