Covelli Centre Reports Higher Q3 Deficit
YOUNGSTOWN, Ohio – The Covelli Centre posted better-than-projected net income of $208,584 for the first nine months of the year, despite a higher-than-anticipated loss in the third quarter.
During the quarter ended Sept. 3, the city-owned arena lost $135,000, more than the $121,177 budgeted, according to the report to the city from Eric Ryan, president of JAC Management Group LLC and executive director of the municipal arena.
“Characteristically, this is our most challenging quarter due to events proving to be tougher to attract to an indoor arena during the summer months,” Ryan said.
Total event income was $130,229, nearly $35,000 lower than projected, according to the report. Ryan also cited higher operational expenses during the quarter than in past years because the Youngstown Phantoms began its season earlier.
Events during the quarter included a performance by country artists Sugarland, Barstool Sports Rough N’ Rowdy Boxing, and the Youngstown Comic-Con, formerly known as All-American, which was back for a second year.
Community events included this year’s Panerathon, which drew more than 10,000 participants; African-American Wellness Walk; the Nonviolence Week parade and rally; and United Way Day of Caring.
Copyright 2023 The Business Journal, Youngstown, Ohio.