YOUNGSTOWN, Ohio (WKBN) — The Covelli Centre has reported an operational profit of $348,821 for 2013.
In addition to that profit, the city-imposed admission tax of 5.5 percent generated a return of $197,231 for the calendar year. Therefore, total revenue for 2013 to the city from Covelli Centre facility operations was $546,052, according to a letter sent to Youngstown city officials from Covelli Centre Executive Director Eric Ryan.
Ryan, who also is president of facility management company J.A.C. Management Group, said that is the most money given back to the city from arena operations in the Covelli Centre’s eight-year history.
In all, the arena hosted 104 events with nearly 210,000 people in attendance. These shows consisted of 22 family performances, 51 sporting events, 13 concerts, five spectacle shows and 13 other miscellaneous events, according to Ryan’s letter.
Highlights for the year included sold-out concerts by Rascal Flatts, Kid Rock, Carrie Underwood and Justin Moore. In addition, the Youngstown State University Community Room was used 100 times in 2013 for events such as city meetings, sponsors gatherings, private parties and company seminars.
Ryan said this past November marked the first time in arena history that all of its luxury suites were sold out on a yearly basis.
In addition, 2013 marked J.A.C. Management Group’s first full year operating the food and beverage operations. Food and beverage proceeds netted $279,945 to the bottom line of the arena.
The amount of $92,723 is a direct increase in profit as a result of administering food and beverage operations in house. Ryan said that amount is additional revenue to the city that would otherwise have been the profits of the prior food and beverage operator.