Nationwide Arena turns unexpected profit
When the city purchased Nationwide Arena from Nationwide Insurance and Dispatch Printing a few years ago, officials thought that expected tax revenue from new casinos would help to offset the cost. But it was recently reported, that the revenue is only about half of what was expected. That’s bad news.
Increased operating expenses on a 15 year-old building are not something to cheer about either. And the management company expected the arena to finish the fiscal year in the red by more than $400,000. BUT…and here’s some good news…instead of finishing the year in the negative, it looks like there will be a surplus of more than $250,000. (There’s a $650,000 surprise!)
High-profile events such as the NCAA basketball tournament and concerts like Rush, Katy Perry and Maroon 5 helped to bring in big bucks. And there are still more events this month before the financial books actually close…concerts from New Kids on the Block and Imagine Dragons, plus a WWE show.
Arenas surplus funds remain in the coffers to go towards future expenses. (jj)
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