Chevy Centre Beats Financial Odds
Story from the WKBN TV27 Web Site on 12/12/2006.
One component in Youngstown's financial picture is the city- owned Chevrolet Centre. That arena completed its first fiscal year in October. Now, its first annual financial report is out.
When this place first opened, the management company hired to run it predicted a tidy little profit. Well, after a few months, Global Entertainment had to revise its early estimate into a loss. But now that the final numbers are out, it's not nearly as bad as everyone feared.
For every night the place is jumping, there are two other night's it's dark. That's a problem in any new entertainment venue. That, and a series of start up hiccups led Global Entertainment to project a first year deficit of up to 175-thousand dollars.
But when the report came out on Friday, the actual loss was less than 24-thousand. Much of that is because the management staff says it overpaid Blue Line LLC, the parent company of the Youngstown Steelhounds. It's billing the team to recover over 140-thousand dollars.
In this case, someone realized Global's management company sold the seats. It's president spoke to us by phone from New Mexico.
Blue Line's owner Herb Washington did not return our calls, but in published reports indicated he indicated his belief that the ticket revenue is his.
It's uncertain how he and Global will resolve that issue.
Regardless of that, city leaders seem pleased with the final numbers.
Actually, hopes are high that it will do better than that. They're booking events here at a much faster pace for this fiscal year. Global Entertainment executives are predicting the place will be in the black by this time next year.