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Sammarone: City should consider selling Covelli Centre



Published: Thu, April 26, 2012 @ 1:10 p.m.

YOUNGSTOWN — Mayor Charles Sammarone said the city should take a look at selling the Covelli Centre.

The facility has never made enough money to cover the debt owed on it by the city since it opened in October 2005.

Nearly all entertainment-and-sports facilities throughout the country don’t make enough money to cover all of its expenses, the mayor said.

Sammarone said today that he plans to have discussions with SMG, the center’s national consultant, to see if there would be any company interested in buying the facility.

The center made a $59,144 operating profit during the first three months of this year, Eric Ryan, its executive director, said today. It’s projected operating profit was $51,024 for the time between January and March.

The biggest success was a sold-out Miranda Lambert concert on Feb. 18, attended by about 6,000 people, Ryan said.

Also, the city received $37,017.52 in the first quarter from its 5.5 percent admission tax on tickets sold for center events.

For the complete story, read Friday’s Vindicator and Vindy.com


Comments

1ROBERT(137 comments)posted 2 years, 2 months ago

It is my understanding that Youngstown has never made a payment on the principal of the loan, only paying the interest, The Mayor may be right on!

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2frank(9 comments)posted 2 years, 2 months ago

How about there property taxes they have yet to pay....

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3CongressWatcher(153 comments)posted 2 years, 2 months ago

So, pardon me, but who will buy it?

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4badeepster(110 comments)posted 2 years, 2 months ago

Heaven forbid we have some place in this town to see some live entertainment without having to travel to Pittsburgh or Cleveland. If it was up to the R party, everyone would sit home and do nothing but pay bills except the rich, who would seek tax cuts by day and party by night.

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5majick(34 comments)posted 2 years, 2 months ago

Sorry, but I love the Covelli Center.....don't hate! If they need to sell it, then sell it, but it is a definite asset to our city!

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6Southside_Res(165 comments)posted 2 years, 2 months ago

Finally, the smartest thing I've heard come out of a politician's mouth. City residents shouldn't be underwriting business ventures especially when the city can't pay its taxes to the state. Has this become a city of morons? Because no one seems to be getting it when it comes to the Covelli Center. Let the DeBartalo's buy it, they have free cash lying around.

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7Jerry(477 comments)posted 2 years, 2 months ago

This thing required a federal grant of $25 million plus city money totaling $12 million to build (if I remember my numbers correctly). I am not sure if there was other investment or not.

As reported above it turned an operating profit of a paultry $59,144 for Q1 this year.

MAJICK - You must have an odd understanding of the definition of the word "asset".

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8UticaShale(850 comments)posted 2 years, 2 months ago

"Youngstown" and example of what happens when free enterprise no longer is understood. An example of the rise of the entitled takers, and their forty year reign.

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9peggygurney(391 comments)posted 2 years, 2 months ago

Ridiculous! If there was a hotel or two close by, and a few more shows scheduled, the Covelli would be profitable enough.

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10UticaShale(850 comments)posted 2 years, 2 months ago

"Here yea, here yea," Pegster, is proving my argument as stated above. Call it dumbing down of America or an answer of the uneducated. But let us use her as an experiment.
Peggy dear, reveal to us how a hotel will make the Covelli center profitable? Kindly show us your credentials as a businessperson so that you may convince adept businesspeople why they must invest in a hotel in downtown Youngstown. And please do not use the recent purchase of the Legal Arts building as an example, unless you are a part of the investment team. You see, being a transplant up here, I have to do my homework before I open my mouth.

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