I honestly don't understand how the renovations cost $1 billion, it's mind-blowing. And I'm in construction/design.
For a point of reference, Prudential Center cost $375 million, from the ground up.
I'd have to think that a lot of the costs were simply around logistics.. They had to replace the arena piece by piece and all over a bustling train station in a crowded city.. Not to mention they rushed every summer with employees working 24/7 to get it done, so I'm sure they paid a lot of time and a half
So based on that, my guess is that $1 billion figure is pretty inflated and MSG loves throwing it out there for the publicity of looking like big shots.. We all know how they love to toot their own horn (some call it borderline brainwashing) about how amazingly famous and incredible the Garden is