DeVos Place Loses Less

August 26, 2005
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GRAND RAPIDS — The unaudited year-end numbers reveal that DeVos Place lost just over $1 million in its first full fiscal year, a figure more than $380,000 less than the shortfall that was expected when the year began last summer.

"It ended up the year well ahead of budget; still a deficit, though," said Birgit Klohs, CAA board member and chair of the Finance Committee.

The year-end numbers for Van Andel Arena show a surplus of nearly $1.43 million for the year, a figure about $80,000 under the $1.51 million excess that was projected.

"It's a little short of budget, but not by much. The second half was strong," added Klohs.

For the Convention and Arena Authority, which operates the convention center and arena, the financials for both buildings leave the board with a surplus of roughly $420,000 for FY05 — or about $200,000 more than the previous fiscal year.

The arena had a similar surplus of $1.43 million in FY04 while the convention center lost almost $1.2 million that year. The new

DeVos Place
exhibit space, though, was only open for seven months of that fiscal year.

In the final month of this fiscal year, which was June,

DeVos Place
lost $173,766 and Van Andel Arena lost $7,608.

The convention center registered a monthly deficit for eight of the year's 12 months, as surpluses came in October, February, March and April. The building lost an average of $84,447 for each month of the fiscal year that started last July 1 and ended on June 30.

Van Andel Arena had a surplus for 10 of its 12 months, only recording monthly deficits in January and June. The arena had average income-above-expenses of $118,924 for each month of the year.

In the first month of FY06, which was July,

DeVos Place
lost $203,000 and Van Andel Arena had a shortfall of $14,300. The arena has been projected to have a surplus of $1.46 million for the current fiscal year, while the convention center has been targeted to lose $1.15 million.

SMG, which manages the daily operations of both buildings, also provides the financial statements.    

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