Last fall, the New York City Opera -- what Mayor LaGuardia called "the People's Opera" -- declared bankruptcy. This is/was the opera that introduced Americans to Placido Domingo and Beverly Sills. Make what you will of the fact that the bankruptcy announcement coincided with the presentation of a new opera about Anna Nicole Smith.
This is either a problem very specific to the New York Opera, or part of a virus that has been taking down opera companies all over the U.S. and maybe all over the world. In Italy, where opera receives much more public and government support, one fourth of all major opera companies were in a version of bankruptcy as of 2008.
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