Thursday, January 24, 2013
2012 YEAR-END NET OPERATING PROFIT UP 64% OVER 2011
Albany, New York – Albany County officials have announced that the Times Union Center, which is managed by SMG, ended 2012 with a Net Operating Profit of $826,341. The Net Operating Profit generated in 2011 was $531,147. The 2012 year-end results showed an increase of 64% over 2011.
The Times Union Center hosted great concerts in 2012 including Rascal Flatts, Bruce Springsteen, Sugarland, Roger Waters, Aerosmith, Kevin Hart, Carrie Underwood, the WGNA Country Festival featuring Eric Church, Trans Siberian Orchestra and an electric dance music event known as Pretty Lights. In addition, Joel Osteen brought his touring ministry to Albany. Outstanding family shows included the Ringing Bros and Barnum & Bailey Circus, Cirque Du Soleil, How to Train Your Dragons, Disney on Ice and the Harlem Globetrotters. High flying motorcycles raced at the Kicker Arenacross and the Monster Truck Jam thrilled young and old. The NY State High School Wrestling Championships, Section II Boy’s Basketball and the NY State Federation Basketball State Championship brought in great high school sports. The Albany Auto Show and The Great Northeast Home Show drew big crowds. Professional wrestling with WWE and TNA Wrestling thrilled their fans And, the Albany Devils hockey team and Siena College Men’s Basketball packed in fans.
“The Times Union Center continues to attract top notch shows under the direction of SMG and, in particular, General Manager Bob Belber. While the economy moves in a positive direction, a 64% increase speaks to the hard work the SMG staff has put in to drawing and retaining events like the NYS Federation Basketball State Championships which will now run at the TU through 2016 and the return of Andrea Bocelli. Great job! Thank you,” stated Albany County Executive Dan McCoy.
“Our staff worked hard in 2012 to cut expenses while maximizing revenues in conjunction with excellent sports and entertainment events that were presented throughout the year. We have to thank the Capital Region residents who attend our events. We also want to express our appreciation to the many businesses
who advertise in the arena and who lease suites annually, which enables them to entertain their clients, friends and families,” said Bob Belber – SMG Regional General Manager.
Times Union Center implemented a number of cost saving measures to help keep expenses down in 2012. During the summer months, the TU Center staff worked four day work weeks (10 hours per day) , which enabled the facility to shut down air conditioning systems Thursday nights thru Monday mornings. Utility savings exceeded $100K using this measure. These and other cost-cutting tactics helped to reduce operating expenses and avoided departmental layoffs. Indirect expenses for 2012 were down by over $400K compared with the 2012 budget.
In 2012, 121 events were held at the Times Union Center, with attendance numbers reaching 457,000. In comparison, there were 130 events in 2011, which resulted in a total attendance just short of 400,000.
"I am pleased that the Times Union Center continues to bring the finest in sports and entertainment to the people of Albany County, and indeed the entire Northeast", said Albany County Legislature Chairman Shawn Morse. "Through hard work and a great partnership with the Albany County Legislature, Bob Belber and the staff of SMG have put Albany County on the map for entertainment and sports."
Times Union Center continues to be a vital part of the downtown Albany revitalization process. The success of local restaurants, bars and other businesses hinge heavily on the ability of the arena to book events that Capital Region residents can look forward to attending. In the coming months, Times Union Center fans can look forward to the New York State Public High School Athletic Association Wrestling Championships, Albany Auto Show, Kenny Chesney & The Eli Young Band, Miranda Lambert & Dierks Bentley, 2012 New York State Federation Tournament Basketball Championships, Andrea Bocelli and the conclusion of the Siena College Men’s Basketball and Albany Devils Hockey seasons. Many more events are being worked on currently and big announcements will take place in the coming weeks. A full schedule of events can be found by visiting our website, www.timesunioncenter-albany.com, or by becoming a fan of ours on Facebook.
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