Indiana Pacers generate $13M from additional events at arena
INDIANAPOLIS (AP) — Pacers Sports & Entertainment generated record revenue this year from its management of Bankers Life Fieldhouse.
The company ended its fiscal year on June 30 with $13.2 million in revenue from non-Indiana Pacers and non-Indiana Fever events at the arena, the Indianapolis Business Journal reported. The company had almost $8.7 million in non-Pacers and non-Fever revenue in 2016 and almost $6.8 million in 2015.
The company booked more than 500 events at the fieldhouse in 2017, with more than 175 events in the bowl area.
“We’re trying to bring as many people to Indianapolis and downtown as we can, and we feel very good about it,” said Pacers President Rick Fuson. “We’re trying to be a good steward for this venue. This is about an investment into the economic vitality of our city and our state.”
The success was due to lucrative events the arena hosts, such as concerts, professional wrestling and college basketball games, company officials said. The arena hosted 25 concerts in 2017, compared to 17 the year before. This year’s musicians included Coldplay, Demi Lovato, Kanye West, Tim McGraw and Ariana Grande.
“We try to do as many genres as we can because we have a diverse marketplace. We’re really a regional building,” Fuson said. He also said that other large venues in Chicago, Columbus and Louisville are each more than 100 miles away.
The company has a $160 million deal with the city to manage the arena and keep the team in Indianapolis until 2024. The company runs the arena, books the shows and keeps the revenue.
Information from: Indianapolis Business Journal, http://www.ibj.com