Despite Q2 Loss, City’s Concert Venues Show YTD Profit
YOUNGSTOWN – The city’s three downtown entertainment venues had a poor second quarter, showing a net loss of $88,333, but it wasn’t as bad as expected.
JAC Management, which operates Covellli Centre, The Youngstown Foundation Amphitheatre and Wean Park, anticipated a loss of $181,916.
The loss came on gross income of $579,402 and expenses of $667,735, according to the quarterly report issued by JAC Management to city council. The report covers April, May and June at the three city-owned facilities.
The biggest money-maker for the quarter was a May 7 concert at Covelli Centre by comedian Katt Williams that drew a near-capacity crowd of about 5,000.
Despite the quarterly loss, the city venues posted a year-to-date income of $4,397, according to the JAC report. The company anticipated a year-to-date loss of $131, 542 for this point in the year.
The report for the third quarter is expected to be a strong one, as the amphitheater and Wean Park hosted, or will host, multiple events – including a July 16 concert by country superstar Luke Bryan that drew over 20,000 to Wean.
Other third-quarter events include a July 22 concert by Lynyrd Skynyrd at Covelli, and an Aug. 2 concert by Brett Eldredge at The Amp.
Remaining on the schedule for the third quarter are concerts by rock band Ghost and The Australian Pink Floyd Show at Covelli; and country singer Lee Brice, metal band Lamb of God, rapper Ja Rule and country artist Jake Owen at The Amp.
Pictured: JAC depiction of scene at Luke Bryan concert.
Copyright 2022 The Business Journal, Youngstown, Ohio.