Covelli Centre posts less of a third-quarter loss than budgeted

YOUNGSTOWN — The city-owned Covelli Centre had an operating deficit of $36,814 for the July-to-September quarter, which is better than the budgeted $121,089 loss for the time period.

The facility has an operational profit of $251,267 as of Sept. 30, according to data provided today by the city.

The third quarter is “the most challenging” for indoor arenas, such as Covelli, because most events are held outdoors during that time, said Eric Ryan, the center’s executive director.

The last quarter of the year is expected to have an operating profit of $52,851, Ryan said. He added that “based on our projections, we will in fact hit those figures.”

That means this will be the best year for the center in terms of an operating surplus.

Its best year is 2009 with a $153,950 surplus.

Also, the city made $13,643.34 for the third quarter from a 5.5 percent admission tax on tickets sold at the arena. As of Sept. 30, that tax has brought in $120,458.26.

For the complete story, read Tuesday’s Vindicator and Vindy.com.