Covelli Centre, Amphitheater Post Second-Quarter Profit
YOUNGSTOWN, Ohio – Three consecutive sold-out performances helped propel the city’s two major entertainment venues to an exceptionally strong second quarter, according to financial statements released Friday.
In its quarterly report to Mayor Jamael Tito Brown, JAC Management Group LLC said the Covelli Centre, the Youngstown Foundation Amphitheatre and Wean Park realized an operating profit of $15,847 for the second three months of 2023.
“We significantly outperformed budget,” Eric Ryan, president of JAC management, said in the report.
JAC had anticipated a loss of $156,777 for the quarter, which is traditionally a challenging period for the event industry, Ryan said.
The strong quarter was paced by three sold-out concerts in a row at the amphitheater in June: country star Parker McCollum on June 22, REO Speedwagon on June 21 and The Doobie Brothers on June 28.
It was the first time The Amp recorded three sellouts in a row, reported Phoebe Breckenridge, JAC spokesperson.
Additional outdoor events held during the quarter included the first Color Run in Wean Park, a weekend of Juneteenth celebrations, Music for Seniors, Summer Movie Series and the inaugural season of Party on the Lawn.
The Covelli Centre during the quarter presented a sold-out performance by rocker Alice Cooper, Ryan said. The indoor venue also hosted eight home games for the Youngstown Phantoms hockey team, including a sold-out contest for the Clark Cup Championship, which the Phantoms won.
Other events during the quarter at Covelli included a performance by comedian Bargatze, the Hope Conference and the Edward J. DeBartolo Memorial Foundation Banquet.
“In total, we have had nine sold-out performances at the Covelli Centre and Youngstown Foundation Amphitheatre in the first half of 2023,” Ryan said in his report.
Aside from the profitable quarter, the city reaped another $60,842 from a 5.5% admissions tax for concerts, financials show.
Total event income for the quarter stood at $344,149, easily beating JAC’s projection of $259,774.
Year-to-date, the city-owned events complex reported net income of $398,176. JAC had budgeted net income of just $13,460 for the first half of 2023.
Published by The Business Journal, Youngstown, Ohio.