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Nationwide Arena looking at $500k profit (rather than budgeted $260k loss) for 2012-3

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06-10-2013, 05:35 PM
  #1
LadyStanley
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Nationwide Arena looking at $500k profit (rather than budgeted $260k loss) for 2012-3

http://www.sportingnews.com/nhl/stor...rgei-bobrovsky

Quote:
Nationwide Arena is on track to finish its fiscal 2013 with a $500,000 operating profit, even though arena managers had planned for a $260,000 loss when they put together the budget a year ago.

Helping the 18,000-seat facility’s finances, said Xen Riggs, arena chief operating officer, was a number of factors, including better-than-expected revenue from concerts and savings in labor costs during the National Hockey League lockout that wiped out more than 20 home games for the Columbus Blue Jackets.
...
... In addition to the concert revenue and savings during the NHL lockout, arena management has been able to defer some expenses and improve operating efficiency to keep this year’s $18.7 million budget in the black, Riggs said.

Any operating profit will go into a reserve fund to cover any future losses. That could be in the coming fiscal year with the Columbus Arena Management board signing off on a budget that projects an operating loss of $229,207 on revenue of $18.8 million for the year that will end June 30, 2014.

(Realize, this is NOT the team's profit. That's a different entity)

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06-10-2013, 06:21 PM
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Mightygoose
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Good to hear the arena is doing well.

Hmmm, arena making more money with less NHL games being played? Where have I heard something along these lines before?

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06-10-2013, 06:25 PM
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danishh
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glendale: WTF?

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06-10-2013, 10:21 PM
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No Fun Shogun
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Quote:
Originally Posted by danishh View Post
glendale: WTF?
haha, nice.

Good to see, though.

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06-11-2013, 08:11 AM
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EbencoyE
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Thank god for the lockout.

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