Covelli Centre posts third quarter loss

YOUNGSTOWN, Ohio (WKBN) – Those running the Covelli Centre in downtown Youngstown claim the summer months are rough on indoor arenas and new financial figures seem to verify that.

The Centre posted an operating loss of a little more than $83,000 for the months of July, August and September. That figure is slightly worse than the projected shortfall of about $76,000.

The Centre hosted a dozen shows during that period, including the sold-out Rod Stewart concert in August and the fifth annual Panerathon Covelli Centre Executive Director Eric Ryan said in spite of the loss for the third quarter, the arena is still showing an operating profit for the year thus far of nearly $300,000.

The arena’s profit to date was budgeted to be nearly $209,000.

In a letter to Mayor John McNally and members of council, Ryan said some aesthetic improvements were made over the summer, including refurbishing the floor of the seating area with new paint so it is easier to maintain and clean.

The letter also states that a city-imposed admission tax of 5.5 percent has generated a return of $47,680, which is paid directly to the city and are in addition to the arena’s profit.

To see the actual numbers, click here.

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