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Covelli Centre Earns 2011 Operating Surplus
Saturday, February 11, 2012
YOUNGSTOWN, Ohio -- The Covelli Centre reported a $126,314 operational surplus after spending $160,467 less than planned in 2011.
The city-owned arena projected expenses over $2 million but spent only $1.85 million after contracted services, general and administrative expenses, repairs, operational supplies and utilities cost less than thought.
"We're very pleased with the results," said Eric Ryan, executive director of the Covelli Centre and president of the JAC Management Group.
The surplus might have been larger, but the center failed to bring in $55,195 from advertising and $40,752 from luxury box agreements it had budgeted, bringing total gross income down to $1.98 million from the projected $2.05 million.
Parking earned in excess of $46,000 more than expected with the 500 additional parking spaces the center added last year. Ticket rebates added $52,647 to the surplus.
When JAC Management takes over food and beverage operations at the center in March, the company expects to add $60,000 to the arena's bottom line. The 2012 budget calls for an $80,000 surplus, nearly double the $40,399 surplus projected in the 2011 budget.
"We're also still talking about the amphitheater idea to add to the bottom line," Ryan said.
Although the Covelli Centre fell $32,597 shy of the $68,694 it expected in the fourth quarter, it experienced a $35,000 surplus in the third quarter.
The center's successful year consisted of four sold-out shows featuring Barry Manilow with the Youngstown Symphony, Motley Crue and Poison, ZZ Top and Tim McGraw. The Ringling Bros. and Barnum & Bailey Circus also brought in more than 30,000 people.
"It's really about the people who we can bring through," Ryan said.
Copyright 2012 The Business Journal, Youngstown, Ohio.
"We're very pleased with the results," said Eric Ryan, executive director of the Covelli Centre and president of the JAC Management Group.
The surplus might have been larger, but the center failed to bring in $55,195 from advertising and $40,752 from luxury box agreements it had budgeted, bringing total gross income down to $1.98 million from the projected $2.05 million.
Parking earned in excess of $46,000 more than expected with the 500 additional parking spaces the center added last year. Ticket rebates added $52,647 to the surplus.
When JAC Management takes over food and beverage operations at the center in March, the company expects to add $60,000 to the arena's bottom line. The 2012 budget calls for an $80,000 surplus, nearly double the $40,399 surplus projected in the 2011 budget.
"We're also still talking about the amphitheater idea to add to the bottom line," Ryan said.
Although the Covelli Centre fell $32,597 shy of the $68,694 it expected in the fourth quarter, it experienced a $35,000 surplus in the third quarter.
The center's successful year consisted of four sold-out shows featuring Barry Manilow with the Youngstown Symphony, Motley Crue and Poison, ZZ Top and Tim McGraw. The Ringling Bros. and Barnum & Bailey Circus also brought in more than 30,000 people.
"It's really about the people who we can bring through," Ryan said.
Copyright 2012 The Business Journal, Youngstown, Ohio.