Salt Lake's Newly Completed Eccles Theater shows 'incredible' revenue returns in debut year
Katie McKellar, Deseret News https://www.deseretnews.com/article/...ebut-year.html
SALT LAKE CITY — Years ago, when downtown Salt Lake City's future 2,500-seat theater was coming down to a vote, critics feared it would end in disaster: an unprofitable and underused stage that would dilute business for other theaters while still relying on a subsidy.
Fast forward seven years: Salt Lake City and Salt Lake County officials are thrilled — some even shocked — to see the George S. and Dolores Doré Eccles Theater's first-year revenues are booming, more than doubling budget projections.
In 2017, the first full year of operations, the theater was projected to return about $1.3 million in revenue after expenses. But it produced more than $2.6 million...
...Broadway revenue was projected at about $630,000 for 2017, but it actually produced 180 percent of that: $1.1 million, according to the budget.
"The theater has certainly outperformed any budgets we set," said Lia Summers, senior arts and culture adviser in the Salt Lake City Mayor's Office. "We're glad it's being well-visited."...
...Darrin Casper, Salt Lake County's deputy mayor of finance and chief financial officer, attributed the extra revenue to not only high box office sales, but also huge savings in utilities because the building was even more energy-efficient than expected...
...Utilities were projected to cost more than $700,000 for the year, but actual expenses turned out to be much lower: about $233,000. Both building operation and theater operation costs also came in under budget.
Casper, who helped draft the theater's financial projections when county and city leaders were debating whether to approve it, said "any fears I have had as a financial manager" for the theater's performance have disappeared.
"I am absolutely thrilled," he said. "It's exceeded our expectations. It's been remarkable and just a jewel for the community."
In fact, there was so much extra revenue in the first year, there was enough to fill the theater's $1 million operating reserves (in case the theater ever has a bad year) and the $850,000 reserve for long-term maintenance projects, Casper said...
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