Well, well Wilkes-Barre is 5th in something!!! Don't laugh, dorkwads....it ain't easy...lol. Its the Wachovia Arena which is ranked FIFTH WORLDWIDE FOR ARENAS OF 10,000-15,000 capacity. hahaha.
It's been such a hit that I can't ever seem to get tickets for a (baby) Penguins hockey game, etc., when I'm planning to be in town. Funny, back in th planning stages when a few valiant souls fought to build this arena against the tide of negativity that grips Wyoming Valley, the concession was made to back away from the planned capacity of 13,500 which would have made the facility third in size behind Philly and Pittsburgh in PA. The concession was made to win support the project..Too bad. It should have been larger........
Stadium finances
Wachovia Arena 5th in revenues
The arena made $4,460,195 in the first half of 2005, thanks to high-profile acts such as the Eagles, who grossed nearly $1 million.
By RONALD BARTIZEK
rbartizek@leader.net
WILKES-BARRE TWP. — The Wachovia Arena at Casey Plaza is making a name for itself.
According to a ranking posted in the July 2005 Venues Today magazine, the local arena ranked fifth in the world for the first half of 2005 in gross revenues among venues with 10,000-15,000 seats. The arena had sales of $4,460,195 in the period, from 95,367 tickets to more than 20 events.
While the arena can be configured to seat more than 10,000, it generally does not, making the ranking even more impressive, said Kathleen Bird, marketing director. “There’s thousands of arenas. You’re also talking about theaters.”
As in real estate, Gallery of Sound music store owner Joe Nardone said the arena’s biggest asset is location.
“Our routing is perfect” for tours that hit Philadelphia and New York, Nardone said. It’s an easy drive here, and then on to upstate New York and into Canada.
Nardone points out that the arena is the only indoor stage of its size in the region, and can draw from a wide area. “Generally, from the (Lehigh) tunnel up, it’s our market,” and it also is a convenient drive for residents and visitors in the Poconos.
The arena has attracted several high-profile acts, including an Eagles concert in March that was its highest-grossing show, at $934,723. That show also commanded the highest top ticket price, $125.
While the sales figures are impressive, Bird says the arena gets only a small slice of the pie.
“The promoter is the middle man who’s really taking the risk,” she said, since the act is guaranteed a certain payment regardless of ticket sales, and the arena charges a negotiated rental fee.
The arena also makes money on food, concessions and parking, although it often gets only a percentage on souvenir sales. Revenues are offset by employee costs – there can be 300 employees for a big show – utilities and amenities for the performers.
In addition to the Eagles concert, Bird cited performances over the years by Cher, who played two dates spaced a month apart. Before Simon and Garfunkel opened their world tour, Bird said, “They rehearsed here about a week,” then performed their kickoff concert before a crowd of 8,500.
The arena ranks lower in other industry polls, such as one conducted by Pollstar magazine.
“That ranking depends more on number of tickets sold, where Venues Today looks at gross dollars,” Bird said. Both rankings are based solely on entertainment events, not trade shows, hockey games or other events.
Both Nardone and Bird said the Wachovia Arena has built a reputation among artists, and that helps draw quality acts.
“It’s known in the industry as a very successful building,” Bird said.
Nardone puts it in more specific terms: “They won’t be embarrassed with a half a house, plus they can make money.”
State Rep. Kevin Blaum says there are other reasons why the 6-year-old facility is thriving.
“It’s the result of a lot of hard work, keeping politics out of our building, running it as a business,” he said. He calls SMG, the firm hired to manage the arena, “perhaps the best in the world. They have a great staff, and they’re allowed to do their job.”
Blaum helped shepherd through the arena’s construction as an independent facility after a county-owned arena was rejected by voters in 1995. Now, he is chairman of the convention center authority. “We don’t have the safety net that perhaps others have,” he said, so there is an unwritten rule against losing money.
Each year, Blaum said, operations have ended in the black. “Not by a lot, but we do keep our head above water.”
Construction was partly funded with a $22.1 million bond issue. A 5 percent tax on hotel occupancies contributes toward paying that debt.
While he doesn’t get involved in choosing events – “I wouldn’t know the first thing about getting an act into the building,” he says – he wouldn’t mind seeing Jimmy Buffett on the arena stage.
That concert, or another, might be promoted by Nardone. He’s been in the business for decades but has not brought an act to the arena. But he is meeting with arena management soon and said there’s a good chance he’ll have a show on stage next year.
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Ronald Bartizek, Times Leader business team leader, may be reached at 970-7157.
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