Chevy Centre continues to struggle financially

YOUNGSTOWN — The Chevrolet Centre’s profit during the first three months of the year is less than 6 percent of what the building’s management firm had predicted.

It is the latest financial setback for the city-owned facility.

In its August 2006 projection for the center’s 2006-07 fiscal year [October 2006 to September 2007], officials with Global Entertainment Corp., which manages the facility, said the first three months of 2007 would net a $458,564 profit for the arena.

But the center’s income statement for the year’s first quarter, released today, shows only a $27,440 profit. Global had expected January to March to be its most profitable quarter.

“They have not been able to generate the kind of returns they hoped they’d bring to the building,” said Kyle L. Miasek, the city’s deputy director of finance and its point-man on the center. “Attendance didn’t meet their expectations. Some of the shows didn’t generate the amount they expected.”

For the complete story, see Wednesday's Vindicator and Vindy.com.