NJ bill would give Devils $300m for arena renovations, amid $1.5B state budget shortfall

Over the last couple of years, billionaire private equity goon Josh Harris has been among the most active sports owners at winning public approval for new venue projects, first getting Philadelphia’s okay for a downtown arena for the 76ers and leveraging that into a new joint arena plan with the Flyers owners, then landing the most lucrative sports subsidy of all time, worth at least $6.6 billion in cash, land, and tax breaks for a new Washington Commanders stadium. But what of Harris’s third team, the New Jersey Devils? Turns out it’s time for the third shoe to drop:

A bill that would expand the state’s corporate tax incentive programs by billions and extend new tax subsidies to Newark’s Prudential Center was advanced by Assembly lawmakers Monday over the objections of critics.

The measure, which won 10-2 approval from the Assembly’s economic development committee, would pour an additional $2.5 billion into the state’s marquee tax incentive programs and extend up to $300 million in state subsidies for renovations at the Newark arena.

The bill in question was introduced on Friday by state assemblymember Eliana Pintor Marin, whose district includes most of Newark, including the Prudential Center. Pintor Marin said that the Devils’ arena, which is owned by the Newark Housing Authority and operated by the team, “needs to have major renovations” so that the Devils “can continue to play” and also “compete and bring in different spectators and bring in different shows.” Pintor Marin did not explain why these were New Jersey taxpayers’ problems to solve, or why the Devils can’t continue to play in a 19-year-old arena.

Notably, the Devils just extended their lease in 2013 — in exchange for, among other things, revenue from city-built parking garages — until 2038, which you might think would have forestalled any renovation subsidy demands for at least the next few years. But nope, the subsidies are moving forward now, for unexplained reasons. To get around state laws prohibiting special giveaways to particular companies, Pintor Marin even wrote language saying “Prudential Center” without saying “Prudential Center,” limiting the bill’s recipients to building with capacities of “at least 15,000 [that] have operated for at least 15 years in a city with an international airport in a non-coastal county with at least 550,000 residents and a density of not less than 3,000 people per square mile.” (If this wasn’t sufficient, the next item on the list was presumably going to be “and ending in X.”)

The bill also includes one of the more hilarious provisions ever for a sports subsidy, requiring that “the gross economic benefit of the sports and entertainment facility to the State over the duration of the commitment period is at least 150 percent of the overall public assistance provided to the sports and entertainment project”— an effectively meaningless provision, given that “gross economic benefit” just means money changing hands in your locality, not any actual tax receipts that can be used to refill the state budget. Dena Mottola Jaborska, executive director of New Jersey Citizen Action, warned that New Jersey is already facing a “very brutal budget” with a $1.5 billion projected deficit in the current fiscal year, and “you are talking about taxpayer dollars going towards these wealthy corporations, 3 billion dollars’ worth, at a time when we’re going to have a hard time balancing our budget heading into next year.”

Though the Devils subsidy bill was put forward outside of the state budget process, it still needs to go through the Assembly Appropriations Committee before going to a floor vote, as well as passing through the state senate. The 2026 legislative session begins January 13; I’ll report back here if New Jersey residents will have any opportunities for public comment.