MOOSE JAW — Preliminary data suggest that the Events Centre finished 2024 with a deficit close to $800,000, or roughly $125,000 less than projected, while its food and beverage sales netted almost $600,000.
From Jan. 1 to Nov. 31, 2024, the sports and entertainment venue had actual revenues of $6,621,305 and actual expenses of $7,221,982.
While this led to an operating loss of $602,363, after including the $20 expense for Ticket Rocket gift cards, the management fee of $182,252 and $8,190 in revenue from client building rentals, the venue finished with a net operating loss — the amount it needed to be subsidized — of $776,445.
In comparison, building manager OVG360 had budgeted income for the year at $4,827,350 and expenses at $5,575,301, leading to an expected overall net loss — after adding the management fee of $177,134 — of $925,085.
Therefore, the difference between the budgeted and actual income, expenses and net surplus was $1,793,955, -$1,646,681 and $145,588.
These numbers were based on 181 events over 213 days that attracted 143,432 people.
City administration presented the fourth-quarter financial report during the Feb. 24 regular city council meeting. Financial information about the Events Centre/Multiplex was included in the document.
The report noted that the Event Centre’s complete financial statement to Dec. 31, 2024, was not yet available because the venue was working on its year-end audited statements.
Council later unanimously voted to receive and file the report.
Food and beverage sales
From Jan. 1 to Nov. 30, 2024, OVG360 generated $1,981,977 in total concession and catering sales, while the total cost of goods was $676,766. This led to total gross sale profits of $1,305,211, the report showed.
After removing total payroll, total variable expenses, management incentives and management fee, the net profit was $568,433.
These numbers were based on 181 events that attracted 143,432 people.
The next regular council meeting is Monday, March 10.
