Covelli Centre Posts $100,482 First-Quarter Profit
YOUNGSTOWN, Ohio – The Covelli Centre posted a net income of $100,482 for the quarter ended March 31, according to financial statements released from the city. The downtown arena had budgeted for a profit of $96,202.
“It’s not our best, but it’s certainly not bad,” said Eric Ryan, executive director of the Covelli Centre. “We’re pleased.”
Ryan said the city-owned arena did very well during the first three months of 2016, and this year the concert schedule didn’t line up as it has in the past. He anticipates the second quarter will be very slow — which is not unusual for indoor venues — but expects business will pick up in the fourth quarter.
“We have shows confirmed for the third and fourth quarters, and we’re budgeted to make about $150,000 this year,” Ryan said. “We expected a sort of down year — but all it takes is a few shows to confirm bookings to turn that around, and we’re optimistic we’ll be able to do that.”
According to Business Journal records, the Covelli Centre earned $306,862 during the same period last year, and a net income of $261,358 during the first quarter of 2015.
Ryan said the arena is working on landing new shows later in the year, but nothing is confirmed yet. “We’ll have an announcement of a show coming this summer,” he noted.
The Covelli Centre hosted 28 events during the first quarter, including a sold-out performance by country singer Brantley Gilbert. Ryan noted popular events included a well-attended I Love the 90s concert, 12 Youngstown Phantom hockey games, and two weekends hosting the Ohio state wrestling championships for elementary and middle school athletes.
“Either the fourth quarter or the first quarters are the best,” he said. “This year, we’re looking at the fourth quarter.”
The arena also generated $73,634 — in addition to its net income — resulting from the 5.5% activities tax that the city collects on each ticket sold for events, Ryan said.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.