Revenue at Bridgestone Arena is expected to rise within the next few years, according to data that was presented at a meeting on Thursday.
Over the next two fiscal years, Bridgestone Arena–the home of the Nashville Predators–is expected to see a decrease in operating losses. The current projected deficit for fiscal year 2017 is $5.2 million for 2017, a number that is set to drop to $5 million in 2018. In the latter of those two years, the Bridgestone Arena is expected to generate $12.8 million in revenue.
The arena is operated by Powers Management, which falls under the Predators Holdings LLC umbrella. Powers Management officials told the Nashville Metro Sports Authority board that investments in Bridgestone Arena should help lead to more revenue through events. More from the Nashville Business Journal:
“This year’s budget exercise was much more in depth and focused on prior years’ actual results,” wrote Kyle Clayton, senior director of operations for the Nashville Predators, which helps operate the arena, in a letter addressed to Sports Authority Executive Director Monica Fawknotson.
For 2016, the arena had total revenue of $12.6 million and total operating expenses of $18.2 million, compared with a projected total revenue of $10.1 million and projected total expenses of $15.1 million, according to year-end financial statements presented at the meeting. The arena spent more than double its budgeted amount on maintenance, repairs and supplies during 2016 and 30 percent more than its budgeted amount on event expenses during the year.
“This budget and our actual results are generated through a continued focus on a more aggressive operating philosophy, with an emphasis on maximizing revenues and increasing service levels to combine them into stronger event bookings and results,” Clayton wrote in the letter.
For 2018, the arena is projecting to produce $200,000 more in revenue and about $400,000 less in expenses than it did in 2016.
In recent years, Bridgestone Arena has received some upgrades, including a seat replacement project that took place prior to the 2015-16 NHL season. Other changes could be in the works down the road, as the Predators unveiled an ambitious renovation plan for the venue in August. The venue opened in 1996.