Covelli Centre’s Q1 Performance Beats Projections

YOUNGSTOWN, Ohio – The Covelli Center reported an operating profit nearly $40,000 better than had been projected for the first quarter of 2018.

Net income for the city-owned arena for the three-month period ended March 31 was $194,702, compared with the $154,792 that had been projected, according to city documents. The first-quarter figure also was nearly double the facility’s $102,482 net income recorded for the same period in 2017.

Total event income was $539,838, higher than the $440,305 projected.

Direct event income totaled $181,407 for the quarter, higher than the $124,942 projected. Ancillary income, which includes parking, catering, concessions and novelty sales, totaled $194,952, nearly $22,000 better that the expected $173,049.

Other operating income, which includes luxury box and club seat agreements and advertising, totaled $268,788, higher than the projected $264,129. 

Overall, adjusted gross income totaled $808,626, with total indirect expenses totaling $613,924. Income had been projected at $704,434 for the quarter, against expenses of $549,624.

The center hosted 32 events with nearly 80,000 patrons attending, Eric Ryan, president of J.A.C. Management Group LLC and executive director of the Covelli Centre, said in a letter to Mayor Jamael Tito Brown and members of City Council.

Events during the quarter included spectacle family events, 14 sporting events, three concerts, five days of Ohio Athletic Committee state wrestling championships, and three community expos, Ryan reported.

Highlighted events included two sold-our monster truck and professional bull-riding shows, and a sold-out country music concert featuring Luke Combs, as well as two concerts by Earth, Wind and Fire and Judas Priest. 

Copyright 2022 The Business Journal, Youngstown, Ohio.