Covelli Centre Shows Modest Loss in Third Quarter
YOUNGSTOWN, Ohio -- The city-owned Covelli Centre showed a modest net loss of $1,221 during the quarter ending Sept. 30, well below the expected $12,414 deficit the operators of the arena had projected.
According to an income statement provided by the city, the Covelli Centre saw total adjusted gross income of $388,137 for the period versus expenses of $389,358.
The third quarter is generally a slow period for indoor entertainment venues. However, the fourth quarter is usually one of the strongest periods for the Covelli Centre.
Through September, the Covelli Centre is beating its projected budget numbers. For the first nine months of 2013, the arena reports a profit of $264,872 compared to a budgeted surplus of $193,031, the report said.
Copyright 2013 by The Business Journal, Youngstown, Ohio.
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