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Regina Exhibition Association Ltd. loses $1 million in 2017
Published Tuesday, May 1, 2018 6:35PM CST
From Mosaic Stadium to the new International Trade Centre, 2017 was a year of many firsts for the Regina Exhibition Association Limited (REAL).
But such a big year, came at a big cost.
According to REAL's 2017 annual report, the association suffered a net loss for the year of $1,008,077.00.
"It speaks to the fact that our budget didn't perform the way that we wanted it to," said Tim Reid, president and CEO of REAL. "But it wasn't a lack of performance in the facilities, it was lack of timing."
Reid says the quick turnaround time of these two highly anticipated facilities contributed to the deficit; and while revenue was significantly up in 2017 with notable concerts like Guns n Roses and Regina Rocks, expenses were just a little higher.
"So it's not like the numbers are massively different and actually we want to operate close to a break-even because it means we can deliver an hour of ice rentals at a lower rate, an hour of soccer rentals or facility as reasonably as they can be in the community."
The City of Regina owns Evraz Place Property and leases it to REAL, but the mayor doesn't seem concerned about the million dollar shortfall.
"We're in a year of transition, where it's the first full year of managing the operations of [Mosaic Stadium] and the International Trade Centre. So there's going to be some expenses but also expenditures coming in offsetting that as well, so I don't have any concerns," said Mayor Michael Fougere after Monday night’s council meeting.
REAL doesn't seem concerned at this point either, as Reid is confident of the opportunities the facilities can offer and will be offering this year, like the upcoming Memorial Cup will help them get closer to the black.
Reid says REAL will also be reviewing costs of goods, labour and maintenance.