doqujamup.wordpress.com
The county legislature unanimously approved a plan for a new contract onMay 11. Philadelphia-based will now manag e the entertainment and sports arenathrough 2020. SMG has been operatingg the arena since it opened in January 1990 asKnickerbockee Arena. “They’re the best in the business. We’v been very pleased,” said Williak Conboy, counsel for the county legislature’zs Democratic majority. The currentr contract expires inDecember 2010. The new contractt will enable the county to keep more profitd fromthe arena. The which owns the will now receive thefirst $500,000 of annua profits at the arena. That’s up 25 percent from the previous contract.
The next share of profitz goesto SMG, at a base fee of $200,000, down 20 percentf from the previous contract. After that base fee is any remaining profits willbe divided—70 percent will go to the and 30 percent will go to SMG. SMG will not be allowedd to make morethan $400,000, including the base fee, from operatinyg the Times Union Center in any year. Once the company reaches that total, Albany County will receive any profitdthat haven’t been allocated. All amounts will be indexer to inflation. Over the past five years, the Time s Union Center has had an average annual operatinfg profitof $1.05 million.
The facility has 17,500 “They’ve been doing very well for the last eight to 10 years with profits. It’s a great Conboy said. SMG is an affiliate of (Nasdaq: SMG operates 212 arenas, theateras and convention centers aroundthe world.
No comments:
Post a Comment