Columbus Area Management that manages and operates Nationwide Arena held it’s one and only public meeting of the year yesterday and the conclusion the group came to isn’t great news for the arena.
A loss of $255,000 in 2018 is in the forecast.
The 2017-2018 approved budget was announced last night, also; predicting nearly $22.93 million in total revenue and $23.19 million in expenses.
Although the prediction for Nationwide’s finances last year was a $263,000 loss, the company expects to reel in profits of more than $1 million this fiscal year.
Sounds like these “predictions” are just that—predictions.
Officials say these “predictions” are generally conservative and can fluctuate a lot due to the unpredictability of event booking.
This money news is especially important because it will affect whether or not a ticket tax will be imposed for Nationwide shindigs.
Yesterday, news broke of a potential fee being added to Nationwide tickets to cover any major renovations the arena may need. They’re keeping this option on the table but they’re not formally considering it yet, reports Columbus Business First.
One other option sliding around the table is asking the venue’s three partners—Nationwide Realty Investors, Ohio State University, and the Columbus Blue Jackets-—to chip in more than their expected $250,000 contribution each.