Covelli Centre Posts Profit of $257K for 2018
YOUNGSTOWN, Ohio – The Covelli Center showed an operational profit of $256,818 from the 98 events it hosted in 2018, Executive Director Eric Ryan reported.
In a letter addressed to Mayor Jamael Tito Brown and members of City Council, Ryan, president of JAC Management Group LLC, said nearly 220,000 patrons attended events there. The city’s 5.5% admission tax generated $199,859 for the city. JAC Management operates the Covelli Centre for the city.
Net income for the year came in slightly below the projected $285,701. Adjusted gross income was $2.51 million, up from the projected $2.48 million. Expenses, at $2.25 million, were slightly above the $2.2 million budgeted.
Events last year included 25 family performances, 40 sporting events, eight concerts and five spectacle shows. Highlighted events featured Earth, Wind and Fire, John Fogerty, a Marvel Universe Live stage show, Cirque du Soleil, Bob Dylan and a sold-out performance by Luke Combs.
Additionally, the Covelli Centre hosted community events including the African-American Wellness Walk, the Youngstown/Warren Regional Chamber’s inaugural Valley Health & Wellness Expo, the annual Panerathon, United Way Day of Caring and First Night Youngstown. It also hosted more than 110 events in the community room, including city meetings, sponsor gatherings, private parties and company seminars.
Copyright 2023 The Business Journal, Youngstown, Ohio.