19 - featuring Lonestar, Sawyer Brown, George Canyon and Doc Walker - and tickets are selling “extremely well,” MacIvor told council. The Events Centre has a multi-band concert coming on Saturday, Nov. While some suite leases expire this year, the Warriors have given suite tenants a one-year extension because of the pandemic. One reason is the timing of when revenue arrives, while another reason is Spectra is still discussing the matter with the Moose Jaw Warriors, said MacIvor. She wondered why and whether a new hockey season was the reason. Heather Eby was concerned that the actual revenue for suite club leases of $79,550 was lower than the budgeted $154,622. “We … made money on all those events,” said MacIvor.Ĭoun. He wondered how those events did financially. The Events Centre held several events this year, such as Alice Cooper and Jurassic Quest, Coun. These numbers were based on 104 events between April and June that attracted 64,781 people. Food and beverage salesĭuring the second quarter, Spectra generated $592,056 in total concession and catering sales, while the total cost of goods was $195,659.Īfter removing payroll, variable expenses and management incentives, the net profit was $122,773. The general manager added that the venue’s cash flows remain a concern because of the timing of when money comes in for naming rights and goes out when gift cards are redeemed. He pointed to the Saskatchewan Roughriders, which have had only one game - Labour Day - sold out this season. MacIvor clarified that most live events are still unpredictable because venues are not seeing big crowds as before. “As our (hockey) season and our tenants start their business back up … we’ll get a better understanding of what that (revenue) might look like to get better predictability as we move into the last little bit here (of the year).” “But yet, we are still looking at taking a caution approach due to the unpredictability of the live event business and return to the live events,” MacIvor continued. However, the third and fourth quarters are on track. The Events Centre has lower revenues in areas such as advertising and naming rights, while some expenses such as repairs and maintenance were shifted to the summer, he continued. Spectra was unaware when it forecasted its 2022 budget that events like Jurassic Quest and Alice Cooper would come through. Ryan MacIvor, Spectra general manager, told council that the Multiplex had a successful June and did well financially, partly because it did not originally have events scheduled that month. “(However), the food and beverage sales were positive and showed a net profit of $122,773 to the end of June.” A successful quarter “This good performance in the first half of the year will be tempered somewhat, as the remainder of 2022 will see challenges around venue sponsorship revenues and the majority of maintenance costs come in (the) third quarter of the year,” a council report said. The Events Centre’s finances for Q2 were presented during the Sept. In comparison, building manager Spectra Venue Management Services had budgeted income of $1,043,119 and expenses of $1,346,834, with an overall net loss - after adding the management fee - of $303,043. While this led to an operating loss of $157,507, after including $3,723 for Ticket Rocket gift cards, $89,569 in management fees and $4,400 for client building rentals, that loss finished at $246,399. The Moose Jaw Events Centre/Multiplex - formerly Mosaic Place - experienced a deficit of nearly $250,000 during the second quarter of this year, although its in-house catering generated over $122,000 in net profit.įrom April to June, the sports and entertainment venue had revenues of $1,136,974 and expenses of $1,294,481.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |