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Saudis Withdraw from $200 Million Bailout of the Metropolitan Opera

Saudis Withdraw from $200 Million Bailout of the Metropolitan Opera

These same left-wing elites have been upset for much of the year, particularly since Saudi Arabia faced accusations over a high-profile killing. Back in 2018, Jamal Khashoggi had no qualms about accepting $200 million from another Saudi to support the iconic Metropolitan Opera House.

Now, it seems the solution isn’t working anymore, and there’s a lot of finger-pointing happening, mostly directed at the former president.

According to the far-left New York Times, sometime last year, the 142-year-old Met sought assistance from Saudi Arabia. In exchange for a $200 million donation over eight years, the Metropolitan Museum of Art planned a three-week winter residency at the Royal Diriyah Opera House near Riyadh.

Peter Gelb, the general manager of the Metropolitan Museum of Art, has streamlined these dealings with a country known for human rights violations. In his words:

Under Mr. Gelb, the Metropolitan Museum of Art has been an outspoken supporter of political freedom and human rights regarding Ukraine, following the Russian invasion, and has cut ties with artists who have backed Russian President Vladimir V. Putin, including the Bolshoi Theater and soprano Anna Netrebko.

But Gelb insists his engagement with Saudi Arabia is distinct, saying, “Every democratic government I know is doing business with Saudi Arabia.”

He concluded, “The survival of the Metropolitan Museum of Art must come first.”

Let’s not sacrifice our principles here. What’s a little blood money if it keeps the opera house running?

The Democrats certainly benefited from the arrangement.

Today we found out that Saudi Arabia has pulled out of the deal, blaming the economic mess caused by the former president’s conflicts with Iran and tensions over the Strait of Hormuz. So yes, it’s supposedly Trump’s fault.

Who knows, maybe Trump will swoop in to save the Metropolitan Museum of Art. Perhaps all they need to do is rename it to Trumpopolitan Opera House.

The Metropolitan Museum of Art is facing significant financial challenges. Ever since the pandemic closure, its $150 million in annual revenue from ticket sales and streamed events has dropped to about $100 million. Even that $150 million was only half of the museum’s operating budget, relying heavily on donations to cover the rest.

Why exactly does putting on an opera cost $300 million a year? Where does all that money go?

To cover the deficit, the Metropolitan Museum of Art may have to dip into its endowment rather than relying entirely on support from Saudi Arabia. The endowments are projected to shrink from $340 million in 2022 to around $216 million by 2026.

Currently, the museum has reduced its opera performances from 25 a year to just 17.

While the Metropolitan Museum of Art is regarded as a key American institution… the cheapest ticket for this Saturday’s performance of La bohème is a whopping $259. So it seems like it’s really aimed at the elite.

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