The Moose Jaw Events Centre saw a deficit of nearly $60,000 in the second quarter of 2023, which was almost 84 per cent less than budgeted for that period.
Meanwhile, the venue’s food and beverage sales saw a net profit of $172,662.
From April 1 to June 30, the Multiplex had actual revenues of $1,184,223 and actual expenses of $1,165,914.
While this led to an initial operating loss of $18,309, after including the $100 expense for Ticket Rocket gift cards, $79,052 expense for the management fee and $875 in revenue from client building rentals, the venue finished the quarter with a deficit of $59,968. This represented a cost recovery rate of 95.12 per cent.
In comparison, building manager OVG360 had budgeted $991,980 in revenue and $1,221,346 in expenses, leading to an expected operating loss — after adding the management fee of $77,420 — of $301,161.
Therefore, the difference between the actual and budgeted income, expenses and net loss was $192,243, $55,431 and
-$241,192, respectively.
Meanwhile, the Events Centre held 74 events over 54 days and saw total attendance of 58,972 people. In comparison, OVG360 had scheduled 80 events in 80 days and expected to see 52,206 people.
City administration presented the second-quarter financial report during the Aug. 28 regular city council meeting. Included in the document was financial information about the Events Centre/Multiplex.
Council later unanimously voted to receive and file the report.
Food and beverage sales
From April 1 to June 30, OVG360 generated $687,806 in total concession and catering sales, while the total cost of goods was $229,806. This led to a total gross profit of $458,000.
After removing total payroll, total variable expenses, management incentives and management fee, the net profit was $172,662.
These numbers were based on the 74 events that attracted 58,972 people during Q2 of this year.
The next regular council meeting is Monday, Sept. 11.
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