Circus Wasn’t Happy Time for Comcast Arena Everett
Losses at Comcast Arena Everett are reported at $610 thousand dollars so far this year.
At Thursday’s Public Facilities District Board Meeting Kim Bedier, Global Spectrum’s General Manager for Comcast Arena Everett, reported that Ringling Bros. Barnum and Bailey Circus has not been able to come to an agreement with the railroad to allow the circus train to stop in Everett which resulted in a smaller circus with less appeal. A later start date and great weather also affected attendance this year. The presentation of the Boom-A-Ring show September 8th – 11th did 45% less business this year than last. That, combined with a smaller than expected crowd for Duran Duran, left the Public Facilities District with a $100,000.00 loss for the month of September. So far Comcast Arena Everett is showing a 610 thousand dollar loss for 2011. There is some bright news on the horizon as the PFD is undergoing the process of getting a new letter of credit on 27 million dollars worth of bonds. The PFD had been facing a rising interest rate with current bondholders Dexia
. The new plan is to obtain a letter of credit with the Bank of New York that is expected to save the PFD as much as $500 thousand dollars a year.
One other PFD note. The board is back at full membership with the appointment of Lanie McMullin to fill the seat formerly held by Earl Dutton who passed away earlier this year. She was appointed by Everett Mayor Ray Stephenson during Wednesday’s City Council Meeting to fill the remainder of Dutton’s term, which runs through the end of 2013. McMullin, who is the city of Everett’s Executive Director of Economic Development led the early efforts to construct an arena in Everett after the State authorized the formation of Public Facilities Districts. The Everett PFD was formed back in April of 2001.