The financial toll of COVID-19 on the Peoria Civic Center is worse than originally projected.
General Manager Rik Edgar said the Civic Center originally expected to lose $1.3 million dollars in net revenue due to COVID-19 related cancellations. That amount is now anticipated to be at least $2.2 million.
Edgar said a cost-saving plan was put into place mid-March, with the expectation that events could resume in June. But now, they're making adjustments.
“We are assuming now the worst-case scenario, which would be no events the remainder of this fiscal year,” Edgar said.
The fiscal year ends August 31. Edgar said part of the delay is the preparation it would take to be able to accomodate an event.
“Most of the venues of this size, it takes usually anywhere from two to four weeks, at a minimum, to get staff back up and running events after we get the go,” he said.
On top of sales losses, Edgar said, the city of Peoria is cutting $750,000 in funding for the Civic Center, in an effort to make up its own deficit.
But there’s a bright side, he said. The last two large events they hosted — Joe Bonamassa and Get The Lead Out — exceeded budget expectations.
Edgar said at least fifteen agreed to discount, waive or suspend payments until the Civic Center can get back up on its feet.
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