Broadway comes back with new investors, bold plans

  Broadway may have seen the longest shutdown in its history but it has lined up new investors and made big plans for its grand reopening, determined to prove that there is no business like show business.   Optimism is strong for the reopening of musicals and plays starting in September, led by juggernauts "Hamilton," "The Lion King" and "Wicked."   Theaters will be allowed to open at 100 percent capacity with audiences, casts and backstage crews all required to show proof of vaccination.   Never risk-averse, Broadway producers are already backing new projects despite millions of dollars in lost ticket sales. The big three musicals were taking in about $1 million a week before the 18-month shutdown that began in March 2020.   "Producers produce what they're passionate about. There's nothing safe about what we do. If we wanted safe, we would be in investment banking, or an accountant, or a lawyer," said Ken Davenport, producer of Tony Award-winning musicals "Kinky Boots" and "Once on This Island." "This is a business that favors the bold ... I believe we're about to see a renaissance of theatre over the next five years," said Davenport, who has six new shows in development.   Mounting a new Broadway musical requires an initial investment of about $10-15 million, including wages for the cast and crew, makeup, sets and advertising. Plays generally cost less than half that sum.   Broadway's optimism seems undaunted by the absence of influential producer Scott Rudin, who said in April he would take a step back after multiple allegations of bullying his staff. Rudin has apologized for his behavior.
Instead, Rudin's withdrawal has opened the way for new investors, while not deterring big budget projects like the first Broadway revival of musical "Funny Girl" and plans...