From a Wall Street Journal story by Michael Riedel headlined “How ‘The Phantom of the Opera’ Was Born”:

Last month, the producers of “The Phantom of the Opera” announced that after 35 years on Broadway, the show will play its final performance on Feb. 18, 2023. It’s a victim of Broadway’s rising costs and soft market as New York City struggles to recover from Covid-19. Tourism has not returned as fast as theater producers had hoped, and “Phantom,” as much of a tourist attraction as the Empire State Building, has taken a hit. Weekly grosses in August and September hovered around the break-even point, according to figures published by Playbill.com. Ticket sales have gone up since the closing announcement, but January, February and March can be bleak months on Broadway.