Covelli Centre, Amphitheater Report $255K Surplus YTD
YOUNGSTOWN, Ohio – JAC Management Group reported net income of $255,417 for the city-owned Covelli Centre, Youngstown Foundation Amphitheatre and Raymond John Wean Foundation Park for the first six months of the year.
Net income for the for the first half of the year was higher than the $223,343 budgeted for the three venues. Direct event income, ancillary income, other event income and other operating income all came in above projections for the period.
Eric Ryan, president of JAC and executive director of the Covelli Centre, noted in his letter to Mayor Jamael Tito Brown and members of City Council that the second-quarter surplus was $26,032, inclusive of the in-house food and beverage surplus year to date of $55,017.
The financials reflect the “significant investment in equipment, supplies and services required during the ramp up period and grand opening” of the amphitheater and park, which opened in June, Ryan said. Those expenses include startup labor and staffing, installation and implementation of the new point of sale system, liquor license acquisition fees, kitchen and operational equipment purchases and facility signage.
“Although all of the expenses and operational assets needed to operate the facilities will be solely expensed over this year’s financials, they will be utilized and assets for years to come,” he said.
More than 3,000 patrons attended the amphitheater’s free “First Look Friday” ribbon cutting June 14. Nearly 40,000 patrons attended 18 events hosted at the venues during the second quarter, which include concerts by Chicago, Slayer and Lionel Ritchie, four hockey events and three Paw Patrol shows.
Copyright 2020 The Business Journal, Youngstown, Ohio.
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