The Moose Jaw Events Centre had a deficit of more than $40,000 at the end of the second quarter, nearly $470,000 less than budgeted for that period.
From Jan. 1 to June 30, the sports and entertainment venue had actual revenues of $4,754,580 and actual expenses of $4,704,421.
While this led to an operating income of $50,159, after including the $172 expense for Ticket Rocket gift cards, $98,847 expense in management fees and income of $5,650 for client building rentals, the venue finished with a net operating loss — the amount it needed to be subsidized — of $43,209.
In comparison, building manager OVG360 had budgeted income at $2,625,317 and expenses of $3,036,407, leading to an expected overall net loss — after adding the management fee of $96,614 — of $507,704.
Therefore, the difference between the budgeted and actual income, expenses and net surplus was plus-$2,130,949, minus-$1,668,014 and plus-$464,494.
These numbers were based on 111 events over 153 days that attracted 106,380 people.
City administration presented the second-quarter financial report during the Sept. 9 regular city council meeting. Included in the document was financial information about the Events Centre/Multiplex.
Council later unanimously voted to receive and file the report.
Food and beverage sales
From Jan. 1 to June 30, OVG360 generated $1,471,813 in total concession and catering sales, while the total cost of goods was $478,307. This led to total gross sale profits of $993,506.
After removing total payroll, total variable expenses, management incentives and management fee, the net profit was $565,909.
These numbers were based on 111 events that attracted 106,380 people during the first half of 2024.
Finance director Brian Acker told council that the Events Centre’s second-quarter results were “very positive” considering the overall net operating loss was not as large as expected, while this was a “significant improvement” compared to last year.
Meanwhile, he added that the revenues from the food and beverage services added significant money to the venue’s overall bottom line.
The next regular council meeting is Monday, Sept. 23.
