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Cross Insurance Arena GM reports narrowing losses, seeks ARPA and capital upgrades
Summary
Arena general manager Mike Locanti told the county finance committee the venue reversed a projected $980,000 loss in 2021–22 to finish about $36,000 positive; the trustees' budget for 2023–24 currently projects a $512,000 operating loss while requesting ARPA-funded capital including a marquee, Wi-Fi and a deployable generator solution.
Mike Locanti, general manager of the Cross Insurance Arena, told the Cumberland County Finance Committee on Oct. 12 that the arena is diversifying events, improving ancillary revenues and trimming losses after the pandemic.
Locanti said last year’s projected $980,000 loss was reduced and the arena finished the fiscal year about $36,000 in the black. For the 2023–24 trustees’ budget, he reported projections of about 100 events, operating and ancillary revenues of roughly $1.4 million, other income (advertising, naming rights, suites) of about $650,000, and indirect operating costs of…
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