Youngstown Entertainment Venues Report $169K Loss for Q3
YOUNGSTOWN, Ohio – Because of the fatal May explosion at the Realty Tower – which forced the postponement of the biggest concert of the season – the three city-owned downtown entertainment venues posted a third-quarter loss that was worse than expected.
Covelli Centre, Youngstown Foundation Amphitheatre and Wean Park sustained a combined operating loss of $168,944 for July, August and September, according to the quarterly report from JAC Management Group.
On the plus side, the venues generated $27,023 for the city from the 5.5% admissions task during the quarter, according to Eric Ryan, president of JAC. The company manages the venues under an agreement with the city and books shows at the venues.
Attendance at the events that did take place was likely down because of the street chaos downtown, Ryan implied.
“The tragic explosion in Realty Tower and the substantial economic hardship that all downtown Youngstown had to endure because of it certainly affected the success of many of our events,” Ryan wrote in his quarterly report to the mayor and City Council. “Most noticeably, the postponement of the Y-Live [concert] featuring Tim McGraw caused a major hit on our third quarter 2024 financials.”
The concert by the country music superstar was originally scheduled for Aug. 2 at Wean Park.
The Y-Live concerts are always the biggest of the year, and the McGraw show was expected to attract about 20,000 people. It was postponed until September 2025 because the razing of Realty Tower forced the closure of Central Square and other downtown streets, creating potentially unsafe conditions for traffic and pedestrians.
A number of events did take place in the three venues during the third quarter, including concerts by The Beach Boys, Whiskey Myers, Rain (a Beatles tribute act) and Jon Pardi at The Amp.
Other events at Wean and The Amp during the period include Panerathon, Hola Fest, Food Trucks and Fireworks, Silly Science Sunday and the Youngstown Wine and Jazz Fest.
JAC had budgeted for $602,162 in income for the third quarter from events and regular operations, and expenses of $704,748, for a projected quarterly loss of $102,586.
The actual third quarter income was $410,729, and the actual expenses were $579,673.
Despite the poor quarter, Ryan said it will be a profitable year. He is expecting a strong fourth quarter.
“We are still above budget targets year to date and expect to have a very successful fourth quarter,” he wrote in his report. “We still fully expect to have a great year financially in 2024.”
While The Amp and Wean Park are closed for the season, the fourth quarter will bring several large events to Covelli Centre. These include a sold-out Nov. 14 performance by comedian Sebastian Maniscalco; two sold-out performances by Trans-Siberian Orchestra on Nov. 22; the Nitro Circus tour, a motorcycle and bike stunt show, on Nov. 26; multiple performances of Disney On Ice on Dec. 12-15; and eight Youngstown Phantoms hockey games. The quarter will also include the sold-out Oct. 12 concert by Christian rockers Casting Crowns.
Through the first three quarters, the three venues have generated a net income of $187,062, which is substantially higher than the projected net income of $121,249.
Pictured at top: Covelli Centre in downtown Youngstown.
Copyright 2024 The Business Journal, Youngstown, Ohio.
