The story of the coliseum is like many in business when it was built it was the first, but now there are bigger, and newer arenas, leaving New Haven to either restore or replace it.

The coliseum is so close to Tycoon's Restaurant by sitting at a table you could hit it with a fork. But it doesn't mean business.

"If there were events at the coliseum this place would be flooded," Earl Conti says, "but there are weeks that go by that there's nothing there."

New Haven says its losing money running the coliseum, $400,000 this year and nearly a million in losses projected next year, so there's talk of tearing it down.

"The extent of the operating losses and the demand for land are intersecting to make us take a real look at this and see what's the best investment for taxpayer dollars," Mayor John DeStefano said.

But is no coliseum the answer?

"There are pros and cons," Conti said.

There are fewer events at the New Haven Coliseum because of stiff competition from the new arena in Bridgeport, the Oakdale Theatre in Wallingford, and the Meadows Music Theatre in Hartford.

"The chamber wishes we had a brand new coliseum or arena here to that would attract major events," Tony Rescigno, president of the New Haven Chamber of Commerce, said.

But with the future of the New Haven Knights hockey team in doubt and the New Haven Ninja Arena Football team off to a slow start, the mayor says it's time to get out of the arena business.

"I think there are limits on what sports facilities generate in economically," DeStefano said.

Perhaps a different kind of stage all together is needed, like building a New Long Wharf Theater and hotel/conference center on the site.

"I think it would be great for us to get any kind of activity," Conti said. "It would help us."

Mayor DeStefano hopes to have decision in 30 to 60 days. Some accountants are examining the bottom line and the city is already talking with the governor's office to see if there is any state money available to redevelop this site