YOUNGSTOWN, Ohio -- The Covelli Centre posted an impressive $382,605 profit for the first half of 2014, its strongest earnings for the period since the arena opened in 2005.
A financial report released by the city shows that the Covelli Centre saw a net profit of just $577 for the quarter ended June 30, but budgeted for a loss of $93,840.
The arena budgeted a net income of $284,570 for the first six months of 2014, but earned nearly $100,000 more during the period because of several high-profile shows, including Elton John's sold out performance Feb. 1.
"As always, its about events," said Eric Ryan, the arena's director and president of JAC Management. "We knew the first quarter would be strong and we budgeted for a loss during the second quarter."
The "Walking With Dinosaurs" national show used the facility for 25 days during the period for rehearsal, which helped bump the numbers up for the second quarter, Ryan said.
"They occupied the whole facility and were paying us rent," he said. "It was a nice bump for us, we were able to get it done."
Ryan noted that the arena is projecting a loss during the third quarter, which isn't unusual since indoor venues are slow during the summer months because they must compete with outdoor events.
"All in all we're pleased with the financials," Ryan noted. "We're on track to have best year ever."
Ryan also said bookings for the fourth quarter are shaping up nicely. "We have a few nice surprises we're working on and shows that will finished up the year," he said.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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