Covelli Centre finishes 2013 with a record profit
YOUNGSTOWN — The city-owned Covelli Centre finished 2013 with a record profit even though its operating surplus was less than in 2012.
That’s because money from a 5.5 percent admission tax and food-and-beverage sales last year were better than in 2012.
Total revenue from the center to the city in 2013 was $546,052, according to financial figures released today by the facility. It was projected to be $535,300. The city’s total revenue from the center in 2012 was $498,906.
It’s also the second year in a row that the center’s revenue was more than the principal and interest paid in 2013 by the city on an $11.9 million loan it borrowed in 2005 to pay for its portion of the $45 million facility. The city paid $315,000 last year on the loan with $154,140 in interest for a total of $469,140.
The center hosted 104 events last year with about 210,000 people in attendance.
For the complete story, read Wednesday’s Vindicator and Vindy.com