Arena Revenue Well Ahead Of 2001
The arena had net income of $189,533 for August, more than $55,000 above the month's projection. The Grand Center lost $87,704 for the month. That loss, however, was much less than the $144,525 the building was expected to lose.
The arena had $359,580 in revenue from a dozen events for the first two months of the new fiscal year. The two-month projection had revenue pegged at $221,130, while net income for the same period last fiscal year was only $81,377.
"These are tremendously favorable results," said Steven Heacock, chairman of the Fiscal Committee of the Convention and Arena Authority, the body that owns both buildings.
The Grand Center showed a loss of $56,418 for the young fiscal year, nearly $245,000 less than had been projected. Last year, the building was over $200,000 in the red at this point.
"It's still a lot better than last year," said Heacock of the deficit. "This is a very favorable result considering the level of construction that is going on."
SMG General Manager Rich MacKeigan told CAA members that they could take partial credit for the successful fundraising event the Grand Rapids Griffins, a key arena tenant, had with the recent intrasquad game played at Van Andel by the Detroit Red Wings. The game on Sept. 19 was a sellout and raised $110,000 for three local charities.
MacKeigan said the CAA helped make the game possible because the board gives each tenant a rent-free night each year to host a charitable event at the arena. The perk is part of a tenant's lease with the board.