STOCKTON, CA (CelebrityAccess MediaWire) — Things are looking up at the Stockton Arena..sort of. While it continued to lose money during its first full year of operation, the bleeding was staunched considerably, with the arena only chalking up $2.1 million in red ink, approximately $600,000 less than the previous year.
Opening in 2006, the arena had been part of an effort to revitalize downtown Stockton. While not expected to be a source of revenue, the city fathers have been dismayed by the sharp loses. According to the Stockton Record, the city expected to lose $1.7 million in its first year, a figure that turned out to be 1 million short of the actual loses. They subsequently lowered their expectation sand were looking at a $2.3 million dollar loss for 2007 but the actual loss turned out to be about $2.1 million.
"It's better news, but it's not where we want to be," Vice Mayor Leslie Baranco Martin told the Record.
The arena is managed by Illinois-based International Facilities Group has been working to stabilize the arena's loses. IFG has expressed frustration at the attendance numbers with turnout lower than average for artists who sold seats in other cities. The arena held 95 ticketed events that drew about 550,000 fans in 2007.
Stockton has been particularly hard-hit by the economic downturn afflicting the nation. "I see this as being a difficult year," IFG's Brian Watkins said "We are definitely something that people pay for after their houses, after their cars." – CelebrityAccess Staff Writers