Positive Fiscal Trend for St. John's Sports and Entertainment

St. John’s Sports and Entertainment Ltd. (SJSEL) continued its positive fiscal trend in 2012.

SJSEL presented its audited financial statements for 2012 to City Council during its regular meeting on May 6 and Council was quite pleased to see the organization continue to improve its financial position.

“St. John’s Sports and Entertainment has come a long way in the past five years and I am very pleased to see the progress they have made towards balancing expenditures with revenues,” says Councillor Breen, chair of the Finance and Administration Standing Committee and council representative to St. John’s Sports and Entertainment Board of Directors. “The sound fiscal practices and policies they have put in place put St. John’s Sports and Entertainment in a very good position looking towards the future.”

Over the past five years SJSEL, which operates Mile One Centre and the St. John’s Convention Centre, has reduced its year ending operating deficit each year.

*St. John’s Sports and Entertainment changed to a fiscal calendar year in 2008 ending in December instead of May.

“Thanks to the sound fiscal management by St. John’s Sports and Entertainment, the City has been able to reduce the operating grant we provide to them in each of the last five years,” says Councillor Breen. “While there are some upcoming challenges for the organization, I have no doubt that this is a trend we will see continue in upcoming years.”

Mile One Centre has benefited from having a regular tenant as the City of St. John’s welcomed the AHL back to the city with the St. John’s IceCaps hosting 38 sold out regular season games in 2012, in addition to an 8-game run in the post season. Overall the centre provided 86 nights of entertainment including popular musical acts such as Tom Petty, Bryan Adams, Keith Urban and John Fogerty.

“Mile One Centre was very close to break-even this year thanks to strong entertainment and event numbers,” says Councillor Breen.

Work to expand the St. John’s Convention Centre has already begun and while this will have long-term positive effects for SJSEL, as it will remain a competitive player in the large meeting and convention market, it does mean that for part of the 2014 season and the full 2015 season it will be closed as renovations are completed to the existing space.

“With the building closed the operating costs do not drop to zero, so while the facility will not be able to bring in any revenue we will still have to cover any operating costs that remain,” says Councillor Breen. “St. John’s Sports and Entertainment will have to ensure it continues to carefully manage costs as we move forward with the St. John’s Convention Centre expansion.”

For further information:
Jennifer Mills
Communications Officer
City of St. John's
Phone: (709) 570-2037
Cell: (709) 690-7586
E-mail: jmills@stjohns.ca

Danny Breen
Ward 1 Councillor
Chair, Finance and Administration Standing Committee
Council Representative, St. John’s Sports and Entertainment Ltd.
City of St. John's
Phone: (709) 576-1041
E-mail: dbreen@stjohns.ca