Covelli Centre Turns Modest 3Q Operating Profit
YOUNGSTOWN, Ohio – The Covelli Centre posted a small operating profit of $3,658 for the period ended Sept. 30. 2015, the city reports.
Financials for the third quarter show that the arena posted adjusted gross income of $467,129 and total indirect expenses of $463,471.
The modest profit was better than its projected loss of $6,215 for the period.
Typically the months of July, August, and September are slow for indoor arenas such as the Covelli Centre. However, two sold-out concerts — James Taylor and Def Leppard — helped to boost business during the quarter. It’s just the second time in the arena’s 10-year history that it has shown a profit during this period, according to records.
Through September, the arena has posted a profit of $179,210, better than its projected $87,485, financials show.
Copyright 2023 The Business Journal, Youngstown, Ohio.