Covelli Centre Posts Profit in 3rd Quarter
YOUNGSTOWN, Ohio – The Covelli Centre posted a thin profit of $4,040 during the quarter ended Sept. 30, according to financials provided by the city.
The modest income occurred during a period in when activity for indoor arenas are normally slow, as performers prefer outdoor venues during the summer months. The building had budgeted for a loss of $26,417 for the period, documents show.
In 2015, the Covelli Centre posted a net income of $3,658 during the quarter, according to records.
The arena posted a surplus of $284,188 versus a budgeted profit of $82,926 through the first nine months of 2016, the city said.
Among the shows hosted by the Covelli Centre during the quarter were performances by the rock band Kiss and a sellout show by Lionel Richie. The arena staged two other concerts during the period – Bryan Adams and Alabama.
This quarter, the arena is hosting performances by Trans-Siberian Orchestra, country star Keith Urban, and blues guitarist Joe Bonamassa.
This week, Covelli Enterprises renewed it naming rights agreement with the city. Under the five-year agreement, Covelli will pay the city $200,000 annually from 2016 to April of 2019. The installments will increase to $225,000 annually during the final two years of the contract.
Copyright 2023 The Business Journal, Youngstown, Ohio.