The city of Youngstown, Ohio, had a lot to celebrate in 2022. The city-owned entertainment facilities experienced a surge in operating surplus, with the revenue nearly eight times higher than that of the previous year. In 2021, the facilities brought in $19,525, while in 2020, the amount was only $10,915. Contrastingly, the 2022 surplus soared to a record $159,489.
Although the financial results from Youngstown’s city-owned entertainment facilities, such as Covelli Centre and Ford Nature Center, were way above expected, they were also a long-awaited break for city officials who have been aiming to make the facilities self-reliable. The city has been working hard to expand and enhance the facilities, and it seems that their efforts have paid off.
There are many reasons for the sudden growth in revenue. However, the record-high admission tax of $353,625 that was collected in 2022 was the largest contributor, and its success was primarily thanks to a concert by country music superstar, Luke Bryan. The concert had over 20,000 people in attendance, contributing significantly to the total admission tax.
Kyle Miasek, the city’s finance director, attributed the facilities’ financial success to the city’s investments and efforts of the staff. He noted that the trend should continue and carry over into the coming years. Because of this success, the city’s dream of making the facilities self-reliant and able to sustain future costs seems much more achievable.
Covelli Centre is Youngstown’s main entertainment facility, which has hosted countless renowned artists since its opening in 2005. Thankfully, the facility was not financially impacted by the pandemic. Mayor Tito Brown stated in a press release that the success of the entertainment facility would not be possible without the dedication of the event management teams, staff, and city officials.
The debt from the facilities has mounted over the years, with construction loans taken out to cover the expenses. However, the debt from 2005 used to construct the Covelli Center and other facilities would be paid off next January, providing financial relief to the city. Additionally, the loan from 2018, which financed Wean Park and the Amphitheater, will be paid over a 20-year period.
The expected payment of construction loans is excellent news for the city’s future, as it will result in no longer having to rely on taxpayers to maintain the entertainment facilities. Furthermore, this money can be used for improving other infrastructure.
The success of the city-owned entertainment facilities is a testament to the hard work and dedication of the city’s officials and staff. Their actions, which focused on expansion and improvement, have made the entertainment facilities appealing to locals and visitors alike. This move will undoubtedly see the city of Youngstown, Ohio, expand its cultural offerings and be showcased to the rest of the country.
