Covelli Centre, Amphitheater Post $115K 3Q Income
YOUNGSTOWN, Ohio – JAC Management Group reports third-quarter net income of $115,558 for the city-owned Covelli Centre and The Youngstown Foundation Amphitheatre, ahead of the budgeted $104.714.
Year to date, the venues have total net income of $139,853.
Direct event income at the venues in the third quarter was $82,950 and ancillary income, which includes concessions, catering, novelty sales and parking, was $37,254. Other event income, a figure including luxury box ticket sales, ticket rebates and facility fees, was $89,388. Both direct income and other event income exceeded the forecast, while ancillary income was about $5,000 under the projected income.
“As budgeted, financially speaking, we had to absorb expenses associated with first-year ramp up cost and operating expenses associated with operating[ the amphitheater]. We expect the majority of those expenses to be a one-year cost,” said JAC President Eric Ryan in a letter to Mayor Jamael Tito Brown and City Council.
“Characteristically, this is our most challenging quarter for the Covelli Centre,” he continued. “The center’s operational expenses during this quarter were higher due to the Phantoms hockey season starting earlier than previous years, with the building absorbing the startup costs such as building the ice and yearly maintenance of the ice plant, etc.”
Among the events hosted at the Covelli Centre in the third quarter were Youngstown Comic Con, the 10th annual Panerathon and the United Way of Youngstown and the Mahoning Valley’s Day of Caring. The Youngstown Foundation Amphitheater hosted 18 events during the quarter.
“The fourth quarter looks to be a busy end to 2019,” Ryan concluded his letter.
Published by The Business Journal, Youngstown, Ohio.