VINDY EXCLUSIVE : Covelli Centre has its best second quarter since 2013
By David Skolnick
The Covelli Centre had a solid second quarter with a $77,427 operating surplus – its best April-to-June since 2013.
The center was budgeted to have a $12,960 operating surplus for the second quarter.
“We’re definitely satisfied with the quarter,” said Eric Ryan, the center’s executive director. “We’re pleased with it. We’re in great shape heading into the third quarter, which is typically rough for us.”
The facility hosted 26 events with close to 40,000 patrons between April and June.
The highlights, Ryan said, were concerts by Justin Moore, and one from John Fogerty and ZZ Top as well as six Cirque du Soleil shows.
It’s the third-best second quarter for the center, which opened in October 2005. The only years with better second quarters were 2012 with a $229,740 surplus and 2013 with a $205,857 surplus.
Last year, the center lost $84,267 between April and June.
“The city is pleased that the second quarter did so well and we are hopeful over the course of the next six months the building will be able to add to that,” said Kyle Miasek, the city’s interim finance director.
For the first six months of the year, the city-owned facility had a $378,725 operating surplus. It was budgeted to have an operating surplus of $254,341 for the first half of 2018.
The center is budgeted to lose $121,000 in the third quarter and make a $189,000 operating surplus during the final three months of the year, Ryan said.
Ryan said he expects the center to make about $450,000 in operating surplus for 2018, which would be the second best year in the facility’s history.
The best year was 2014 with a $485,234 surplus.
“We’re on pace for a near record year,” Ryan said. “We’re definitely going to have a nice bounce-back year.”
In 2017, the center finished with only a $2,247 operating surplus.
The city also made $85,411 during the second quarter from its 5.5 percent admission tax on tickets sold for events at the center, Miasek said.
For the first six months of the year, the admission tax generated $119,747 for the city.
The city borrowed $11.9 million in 2005 to pay its portion of building the $45 million facility. The city still owes $9.16 million in principal. It paid nothing in principal until 2011 and has increased its annual payment.
It will pay $800,000 in principal in September with about $224,000 in interest, Miasek said.