Covelli Centre Shows $77K Profit in Second Quarter
YOUNGSTOWN, Ohio – The Covelli Centre turned in better-than-anticipated revenues during the quarter ended June 30, according to a financial statement distributed by the city.
Total net income for the three-month period stood at $77,427, well above a budgeted $12,960 profit, the report shows.
Year to date, the events center has yielded total net income of $378,725 versus the projected $254,341.
The Covelli Centre hosted 26 events during the quarter that attracted 40,000 patrons, Eric Ryan, executive director of the arena and president of J.A.C. Management Group, LLC, noted in a letter to city officials.
“These events consisted of nine spectacle family performances, 10 sporting events and two concerts,” Ryan said. Among the highlights were performances by Justin Moore, ZZ Top with John Fogerty, and six Cirque Du Soleil shows. The arena also hosted the Men’s Rally in the Valley, Mercy Health Day Expo, Youngstown Marathon Expo, and graduation ceremonies for the Mahoning County Career and Technical Center.
Ryan said he expects business to slow during the third quarter, but projects the year to end strong.
“Typically the third quarter is the most challenging quarter for our operations and this year is no different,” Ryan’s letter said. “However, we are looking forward to finishing the year strong and securing a successful year of operation at the Covelli Centre.”
Copyright 2023 The Business Journal, Youngstown, Ohio.