Covelli Centre Posts Modest Loss in Second Quarter
YOUNGSTOWN, Ohio – The Covelli Centre posted a net loss of $26,721 during the quarter ended June 30, well under the loss that it had budgeted for the period.
The downtown arena had expected to lose $195,518 during the quarter, but last minute shows such as Barry Manilow’s farewell tour and a concert by country singer Lee Brice helped boost event income by more than 50%, according to Eric Ryan, executive director of the Covelli Centre and president of J.A.C. Management Group.
A letter written by Ryan attached to the period’s financial statements, submitted the city’s finance department, said that the arena usually saves money on utilities during the three months of April, May and June, which also helps the bottom line.
For the first six months of 2016, the Covelli Centre reported an operational income of $280,137 and food and beverage income of $73,605, for a total net income of $353,742. The arena had budgeted for a total net income of $161,458.
In addition, a 5.5% admission tax generated $19,933 in revenue for the city during the quarter, Ryan said in his letter.
Copyright 2022 The Business Journal, Youngstown, Ohio.