Youngstown Venues Report Q3 Loss, Expect Profitable Year
YOUNGSTOWN, Ohio – The city’s entertainment venues lost money in the third quarter but generated better than usual admission tax revenue and remain on track for a profitable year.
The three city-owned facilities – Youngstown Foundation Amphitheatre, Wean Park and Covelli Centre – showed a net loss of $30,166 for the third quarter. That’s a disappointing figure when compared with the $97,000 profit that was projected for the period from July 1-Sept. 30.
There were seven major events at the venues in the quarter, the largest being the July 29 Y-Live concert at Wean Park featuring Kid Rock, Lee Brice and Buckcherry. It drew about 20,000 people.
In a letter to the mayor and city council, Eric Ryan, JAC Management president, pointed out that the 5.5% admissions tax generated $135,976 for the city in the quarter – the second highest received in any one quarter.
Ryan cited the Kid Rock concert as the main reason for the amount. JAC manages all three venues for the city.
Other major events in the third quarter included the sold-out Hardy-Lainey Wilson concert at Covelli; concerts by Kool and the Gang, Rick Springfield and Steve Miller Band at The Amp, as well as the Youngstown Wine and Jazz Fest; and the season opener of the Youngstown Phantoms hockey team at Covelli.
A number of free-admission events took place at Wean Park in the quarter, including several Yoga in the Park dates, the Summer Festival of the Arts, Food Trucks and Fireworks, Action mobile market, the summer movie series, several Party on the Lawn concerts, the African American Male Wellness Walk and the Hola Youngstown Hispanic heritage festival.
A closer look at the third-quarter report reveals total event and operating income of $590,814 and total expenses of $620,980.
Despite the third-quarter loss, the three venues have posted a year-to-date profit of $368,269. That figure is well ahead of the projected profit of $110,609.
Ryan expects the venues will finish the year strongly in the black.
“We look forward to finishing off a very profitable year at the complex and are looking ahead to continuing to book quality entertainment for 2024,” he wrote in his letter.
Major events on the schedule through Dec. 31 at Covelli Centre include concerts by Christian rock artist Toby Mac and Mercy Me, Nov. 16; Skillet and Theory of a Deadman, Nov. 17; and Disney on Ice, Dec. 7-10.
Published by The Business Journal, Youngstown, Ohio.