August 20, 201313 yr KFC Yum Center posts better-than-expect profits Well, if nothing else, it can now certainly be said that at least AEG is a better facility manager than the Fair Board. Revenues: $8.7 million Profits: $2.1 million Not shocking that a private company could run this better than the state ran Fair Board. Hope the numbers are solid and improve.
August 20, 201313 yr This statement(As part of its contract with the arena authority, AEG has guaranteed that the Yum Center will generate a profit of at least $1 million per year.) from the article makes me a little bit skeptical of their numbers, that is at least until an outside audit is done. There are a lot of ways to finagle financial statements to pump up profits, at least for the short term, which by the way, I'm not saying they have done. Hopefully they are really turning a profit. If the bond payments are being made and they are caught up and now up to date (which should not be difficult to verify since it is public debt), that should give some comfort that the arena is generating positive cash flow and most likely turning a profit. Though, I do agree, I will be interested to see what the year end audit says. Because the arena is a not for profit, its fiscal year end may be June 30, so the audit may be going on now.
August 20, 201313 yr Not shocking that a private company could run this better than the state ran Fair Board. Hope the numbers are solid and improve. They were a disaster as the management group. I don't know why they were the first managers in the first place unless part of the deal for Louisville leaving Freedom Hall gave the Fair Board the first crack at operating a new facility. The Fair Board isn't so much a management group as a drinking club for friends of the Frankfort good ol' boys.
August 20, 201313 yr They were a disaster as the management group. I don't know why they were the first managers in the first place unless part of the deal for Louisville leaving Freedom Hall gave the Fair Board the first crack at operating a new facility. The Fair Board isn't so much a management group as a drinking club for friends of the Frankfort good ol' boys. Surprised Ritchie didn't try to take it over :lol:
August 20, 201313 yr Someone correct if I'm wrong but haven't the UL women's BB games been out drawing their originally projected numbers? Absolutely! Dozens and dozens of additional fans, each paying upwards of $5 or more per ticket! I am not thinking this will even make a dent in the interest on the $9 million.
August 20, 201313 yr Absolutely! Dozens and dozens of additional fans, each paying upwards of $5 or more per ticket! I am not thinking this will even make a dent in the interest on the $9 million. I'm less concerned about how much the tickets are than I am about how many people are coming downtown and spending money in the TIF district, which is at least somewhat dependent on how many filled calendar dates there are. That's the big concern.
August 21, 201313 yr The downtown area and particularly the Main Street/NuLu area are well on their way to self-sustainability. I realize NuLu is not part of the TIF area, but its development and popularity create a push toward the TIF area, and the city is going a great job of getting conventions and events into the area. We have yet to really see the benefit of the YUM! Center on our convention business, because the first of such conventions are just beginning to come to town. Conventions book their sites years in advance, and I can tell you that there are quite a number the city has booked that will utilize the YUM! Center. FFA is returning this October for a 5 or 7 year run. Can't remember which. Anyway...that was due in part to having the YUM! Center and more restaurants downtown, as well as the renovation of the Galt House.
September 11, 201412 yr Insider Louisville: Working-class Louisville still struggling to pay for Ferrari downtown arena Well, the brief moment of relief from the news earlier this week that the arena had a $1.4 million operating profit this year is... over. Full FY 2013 numbers are out and the arena still struggled. Simple truth is that the population density of downtown just isn't there yet. They knew they needed the TIF district to be a success and there are only so many calendar dates to work with. They need a bigger and more constant presence at the businesses in the district and permanent residents are really the only way to get that done. A big boom in hotel construction going on right now will help but the district REALLY needs that rumored project for a massive apartment complex across from Slugger Field to finally take shape and get under way (and a dozen other projects like it).
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