Name: How coronavirus hit operating income for Lucas Oil Stadium, Indiana Convention Center
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How coronavirus hit operating income for Lucas Oil Stadium, Indiana Convention Center

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Indianapolis StarView CommentsOperating revenues for two major Indianapolis event venues plummeted in March by nearly 60 percent compared to the same month last year, as the city's conventions and athletic events have come to a standstill amid the coronavirus pandemic.The figures for the Indiana Convention Center and Lucas Oil Stadium totaled roughly $2 million in March, mainly reflecting revenue made from event rentals, parking, food service and concessions&nbsp;and&nbsp;billing for various types of labor.That's a drop of roughly 59 percent from March 2019 operating revenues, which pulled in about $4.9 million.The figures provide an initial glimpse of the pandemic's financial impact to the city's events industry, but are by no means definite.The&nbsp;Marion County Capital Improvement Board, which operates the buildings, expects March&nbsp;tax revenue figures next month. Those would more finely detail the decline in five major tax revenues: taxes on hotel lodging, food and beverage, ticket sales, auto rentals and revenues collected within the city's professional development sports area.Meanwhile, Indianapolis will likely not realize its greatest financial hit&nbsp;—&nbsp;income tax revenue&nbsp;—&nbsp;until 2022.Rental income for the convention center and the stadium dropped from $1.4 million in March 2019 to $624,176 in March of 2020, as the at both venues. Those include the&nbsp;the M-Pact energy convention, the Indiana Catholic Women's Conference and the NCAA Midwest Regional games.Meanwhile, food service and parking lot revenues netted a loss for the board, which still had to pay fixed costs to vendors for those operations. Food service revenues were in the negative at $277,805, while parking lot expenses cost $82,948.Billing for various types of labor also dropped from roughly $2.2 million in March 2019 to $1.2 million in March 2020.Operating revenues are 30 percent of the board's budget, said the board's executive director Andrew Mallon, but are not used to pay down debt.Events at the city's other major venues owned by the board —&nbsp;Bankers Life Fieldhouse and Victory Field&nbsp;— also were canceled or postponed, but the board does not operate those two locations and does not collect those operating revenues.Call IndyStar reporter Amelia Pak-Harvey at 317-444-6175 or email her at . Follow her on Twitter .View Comments

Indianapolis StarView CommentsOperating revenues for two major Indianapolis event venues plummeted in March by nearly 60 percent compared to the same month last year, as the city's conventions and athletic events have come to a standstill amid the coronavirus pandemic.The figures for the Indiana Convention Center and Lucas Oil Stadium totaled roughly $2 million in March, mainly reflecting revenue made from event rentals, parking, food service and concessions&nbsp;and&nbsp;billing for various types of labor.That's a drop of roughly 59 percent from March 2019 operating revenues, which pulled...

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How coronavirus hit operating income for Lucas Oil Stadium, Indiana Convention Center

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