Covelli Centre YTD Profit Nearly Doubles Projection

YOUNGSTOWN, Ohio – Based on the Covelli Centre’s performance during the first six months of 2015, the arena’s executive director is eager to see what the remainder of the year holds.

The city-owned arena reported an operationing profit of $175,544 for the first six months of 2015, nearly twice as high as the $93,650 that had been projected, according to figures released this morning.

Total net income for the first six months of 2015 stands at $237,147, more than $112,000 higher than budgeted, the income statement for the quarter ended June 30 reported.

“We are looking forward to the last six months of this year, as we believe we will have another great year here at the Covelli Centre,” Eric Ryan, president of JAC Management Group LLC and the arena’s executive director, said in a letter to Mayor John McNally and members of City Council.

JAC manages the arena under a contract with the city.

In addition, the operating loss for the second quarter was more than $50,000 less than the city owned arena had anticipated for the quarter. The actual loss for the quarter was of $85,803, compared with the $137,239 budgeted.

Profits from the food and beverage division through the first six months of this year are nearly double what had been projected, $61,603 actual compared with the budgeted profit of $31,274.

The city’s 5.5% admissions tax generated $12,295 during the second quarter and $77,239.84 for the first half of the year, the income statement reported.

Copyright 2024 The Business Journal, Youngstown, Ohio.