Wednesday, February 08, 2012
Intrust Bank Arena finished 2011 in the black, despite an economic downtown in the entertainment industry.
The venue had a net income of $389,000, compared to $2 million during its first year in operation.
Sedgwick County will not receive any of the profits, per an agreement with SMG. Ron Holt, assistant county manager, said SMG keeps the arena’s first $450,000 in profits. The county pockets the next $450,000. Profits larger than $900,000 are split 60-percent to the county, and 40-percent to SMG.
In 2010, the county reaped $1 million from arena operations.
“We are glad they [SMG] saw a positive return,” Holt said. “It gives them more of an incentive to be involved in this market.”
A.J. Boleski, general manager, said SMG is happy with the positive number, but there is always room for improvement.
“Ultimately we want to make sure the county earns revenues as well,” Boleski said.
College athletic events and Wichita Thunder hockey helped the arena during the final quarter, Boleski said. He expects a strong first-quarter in 2012.
“We have six concerts and comedians in the first quarter,” Boleski said. “Brad Paisley nearly sold out, Jason Aldean is selling very well.”
He said the arena also hopes to build on Tom Petty’s concert in April, as well as Nickelback in June.
“I think it compares well to other arenas in our market area and our capacity,” Boleski said.