MIAMI (CelebrityAccess MediaWire) — The Carnival Center for the Performing Arts in downtown Miami has dropped to more than $3 million in debt since it opened only 5 months ago.
Analysts had expected a deficit, but estimated only $150 thousand.
The center’s administration blamed weak ticket sales and budget miscalculations for the mounting debt, according to Miami’s CBS4. Maintenance and utilities have been running at approximately twice the budgeted amount, and ticket sales are off by as much as 40-percent from projections.
An independent trust is responsible for the center’s budget, but the facility is owned by the county. Commissioners will decide this fall who will be held responsible for the venue’s debt. –by CelebrityAccess Staff Writers