Events Center Revenue down over the past 3 years

Finally the chart I have been waiting for. I found it in the back of a booklet handed out at the EC Campus Book Club meeting today (click on image to enlarge);

In fact, if you look at the numbers closely you will see that the Denty actually would have a $1 Million year loss if it were not for sponsorships. Add the almost $10 Million a year in mortgage payments then you figure out why we are dodging potholes.

I also wonder if the city survey ever asks if people attend events at the Denty, or Pavilion, Orpheum, Arena, MAC, etc.? I would be curious just what percentage of Sioux Falls residents attend events.



13 comments ↓

#1 D@ily Spin on 03.27.19 at 3:49 pm

30 year bond payments are 6 million a year. If income is 2 million, the Denty is losing 4 million a year. It’s not getting better. It’s getting worse. Ongoing, it looks like the city budget will always be a 4 to 10 million negative line item toward debt satisfaction. That’s a lot of infrastructure we will go without.

#2 Timbuktu on 03.27.19 at 7:16 pm

Bathroom lines are terrible. Prices are terrible. Seating is tight and uncomfortable. This place is designed for the few hundred Richies that get to sit in private boxes and enjoy free booze and food via their corporate sponsor

#3 Matthew Paulson on 03.27.19 at 8:59 pm

I have no idea how you would read this spreadsheet and come to the conclusion that 3-year revenue is down. It did $8.33 million in total revenue in 2015 and $9.94 million in 2018. Rental revenue is down, but clearly they’ve made up for it in other income sources

#4 l3wis on 03.27.19 at 9:06 pm

I’m reading the bottom line. Could care less what happens in between.

#5 LJL on 03.27.19 at 10:03 pm

Realistically this balance sheet is fairly flat year to year over the past 3. If I were managing it, I would ask how could we bring the rental revenue back to the 2016 level?

With the mortgage, it’s a lot of cash to store air. ROI has never been a realistic factor in these ventures. Could be worse like the screwing Minnesota folks are receiving with the Ziggy Arena.

#6 scott on 03.28.19 at 10:32 am

it loses over two million a year. tell me how this is a money maker again?

#7 l3wis on 03.28.19 at 12:15 pm

Interesting story;

https://www.pbs.org/newshour/nation/public-money-used-build-sports-stadiums?fbclid=IwAR3uvF3OLiH8W57BWjyPgEsqkTAos1kq4C7OvFa117W7J4euswgxwhULgyw

#8 Matthew Paulson on 03.28.19 at 6:29 pm

I believe that spreadsheet is reporting a $2 million net income (profit) which has grown a bit since 2015. I am not sure how anyone would read that spreadsheet and come to the conclusion that it loses $2 million a year or is “down over the last three years.”

#9 scott on 03.28.19 at 8:54 pm

i guess the word “loss” at the bottom is where it seems like it loses money.

#10 Wirelessly Irradiated on 03.28.19 at 8:58 pm

Meanwhile the half-penny sales tax that helps fund the Event Center unfairly taxes the food of everyone, & is especially hardest on the poor who likely almost never frequent an event – cannot afford it.

#11 Matthew Paulson on 03.28.19 at 10:44 pm

Scott – Uh, the numbers in parenthesis on that line are negative. The numbers not in parenthesis are positive. It makes a profit and has every year except 2014.

#12 Warren Phear on 03.29.19 at 6:59 am

Matt P. Only one line is missing from this spreadsheet. The yearly second penny bond payment. From now, through 2033, that second penny bond payment is $9,500,000. Now mr paulson, the new bottom line. Parentheses or no parentheses?

#13 Incentives on 03.29.19 at 4:16 pm

In addition to the yearly bond payment, let’s talk about the ‘slush fund’ SMG uses to incentivize events and performers. Seems to be a number no one wants to talk about.

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