I think Jersey can pull in a profit, it probably just has a lot to do with how everything is being managed.
Newark and the outlying area has way to great a population, and a hockey friendly population at that, to not have an arena and NHL team. If they're taking out loans on future income and not booking other events during the slow times, there's a chronic organizational issue that needs to be rectified.
Hell, just look at the Hawks not even ten years ago. Their tickets were dirt cheap and they couldn't fill the arena at all, and now you can't get a ticket and they're crazy expensive.
It's possible for them to fix the situation in Jersey, and I really hope they do. There's way too much history there to just throw that away, especially with so much potential.