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Covelli Centre Reports 3Q Loss; Still Ahead of Last Year
YOUNGSTOWN, Ohio -- The Covelli Centre shouldered an operational loss of $83,111 during the third quarter but is on pace to exceed its year-end earnings compared with 2013.
The arena posted a net operating income of $299,494 for the nine months ended Sept. 30, versus a $264,872 profit realized during the same period last year, records show.
"The numbers are solid year-to-date and that's how we evaluate how the facility is doing," said Kyle Miasek, the city's assistant finance director. "We're optimistic we'll end the year with a sizeable profit."
Last year, the Covelli Centre ended the third quarter with a modest loss of $1,221.
Covelli budgeted for a loss of $75,668 for the quarter and a $208,902 operational surplus for the first nine months of 2014, according to a finance report prepared for the city. While it fell short of its projections during the quarter, it exceeded its budgeted numbers for the first nine months, the report shows.
The third quarter is generally a slow period for indoor entertainment venues such as the Covelli Centre, noted Eric Ryan, the arena’s executive director, in a cover letter attached to the finance statement.
A city-imposed admission tax of 5.5% generated $47,680 during the quarter, Ryan added.
"In all, we hosted 12 events highlighted by a sold-out Rod Stewart concert, a very well attended outdoor concert by Life in Color and of course the 5th Annual Panerathon," Ryan said in his statement.
He said the summer months are normally slow, citing it's difficult to compete with outdoor attractions. Ryan also reported that the arena renovated its Hunington Bank VIP area and refurbished the entire seating areas with new paint and re-carpeted both suite corridors.
"We believe these upgrades will only enhance the customer experience here at the Centre," Ryan said.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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