Youngstown’s Entertainment Venues Post Strong Second Quarter
YOUNGSTOWN, Ohio – Profits for the three city-owned entertainment venues were better than anticipated for the second quarter but will likely take a hit in the third quarter.
Covelli Centre, the Youngstown Foundation Amphitheatre and Wean Park posted an operational profit of $125,053 for the months of April, May and June, said Eric Ryan, president of JAC Management Group. JAC handles operations of the three venues.
The projected second-quarter profit was $4,604.
The three venues also generated $94,294 for the city from the 5.5% admissions tax, Ryan said.
The strong quarterly showing was spurred by events that garnered strong attendance, including sold-out concerts by country music star Jordan Davis and hard rock legends Judas Priest at Covelli Centre.
Other country concerts during the quarter included Dustin Lynch at Covelli and Billy Currington with Kip Moore at The Amp.
Adding to revenues were four performances of Cirque du Soleil and an All Elite Wrestling show at Covelli, the Spring Thing concert at The Amp featuring Left End, nine Youngstown Phantoms games at Covelli and the Edward J. DeBartolo Memorial Foundation Scholarship Dinner.
The three venues also hosted several community events during the quarter, including the Hope Conference, Party on the Lawn featuring Youngstown rock band RDNA, the Juneteenth Celebration, the JunePink charity concert in Wean Park and the Simply Slavic Heritage Festival, which which was relocated to The Amp at the last minute due to the Realty Tower explosion.
While Ryan was upbeat about the second-quarter results, he dampened expectations for the third quarter in his report to City Council.
“Due to the postponement of Y-Live, we expect the third quarter to not hit budget targets,” Ryan wrote. “However, we fully expect to have an overall great year in 2024.”
The Y-Live concert was scheduled for Aug. 2 at Wean Park with country superstar Tim McGraw and was expected to draw approximately 20,000 fans. It has been postponed until Sept. 27, 2025.
The Y-Live concert is easily the biggest ticket-sales event of the year in Youngstown.
A closer look at the second-quarter financials reveals the following:
- Income from events: $111,057 (projected: $199,375).
- Income from ancillary sales (concessions, catering, parking, etc.): $216,619 (projected: $95,684).
- Income from other sources (luxury boxes, event advertising, etc.): $351,040 (projected: $105,716).
- Total event income: $678,716 (projected: $400,775).
- Other operating income: $320,668 (projected: $308,577).
- Adjusted gross income: $999,384 (projected: $709,352).
- Total indirect expenses: $874,331 (projected: $704,748).
- Year-to-date profit: $363,737 (projected: $223,834).
Pictured at top: Covelli Centre in downtown Youngstown.
Copyright 2024 The Business Journal, Youngstown, Ohio.
