YOUNGSTOWN, Ohio — Profits at three city-owned entertainment venues beat expectations in the second quarter but are likely to take a hit in the third quarter.
The Covelli Center, Youngstown Foundation Amphitheater and Vienna Park had an operating profit of $125,053 for April, May and June, said Eric Ryan, president of JAC Management Group, which manages the three venues.
Profit estimates for the second quarter were $4,604.
The three venues brought in $94,294 in revenue for the city from a 5.5 percent admissions tax, Ryan said.
The strong quarter was driven by well-attended events, including sold-out concerts at the Covelli Center by country music star Jordan Davis and hard rock legends Judas Priest.
Other country concerts during the quarter included Dustin Lynch at Covelli and Billy Currington and Kip Moore at The Amp.
Adding to the proceeds were four Cirque du Soleil performances and an All Elite Wrestling show at Covelli, a Spring Sing concert at The Amp featuring The Left End, nine Youngstown Phantoms matches at Covelli and the Edward J. DeBartolo Memorial Foundation Scholarship Dinner.
The three venues also hosted several community events during the quarter, including the Hope Conference, Party on the Lawn featuring Youngstown rock band RDNA, a Juneteenth Celebration, a JunePink charity concert in Wean Park and the Simply Slavic Heritage Festival, which was relocated to The Amp at the last minute due to the Realty Tower explosion.
While Ryan was optimistic about second-quarter performance, he softened expectations for third-quarter results in his report to the City Council.
“Due to the postponement of Y-Live, we do not expect to meet our budgeted goals in the third quarter,” Ryan wrote, “but we remain confident that 2024 will be a great year overall.”
The Y-Live concert, featuring country music superstar Tim McGraw, was scheduled to take place at Vienna Park on August 2 and was expected to draw about 20,000 fans. It has now been postponed until September 27, 2025.
The Y-Live concert is arguably Youngstown’s largest ticketed event of the year.
A closer look at the second quarter financials reveals the following:
Event revenue: $111,057 (projected profit: $199,375). Revenue from ancillary revenues (concessions, catering, parking, etc.): $216,619 (projected: $95,684). Other revenues (premium booths, event advertising, etc.): $351,040 (projected: $105,716). Total event revenue: $678,716 (projected: $400,775). Other operating revenues: $320,668 (projected: $308,577). Adjusted total revenue: $999,384 (projected: $709,352). Total overhead: $874,331 (projected: $704,748). Year-to-date profit: $363,737 (projected: $223,834).
Pictured above: The Covelli Center in downtown Youngstown.
Copyright 2024 The Business Journal, Youngstown, Ohio.