SOEC $1.6M in the red

Castanet Staff - Mar 24, 2010 / 12:30 pm
Penticton Mayor Dan Ashton is asking for the public's patience in the wake of news that three city owned facilities run by Global Spectrum lost more than $2.1 million in 2009. Losses were led by the South Okanagan Events Centre, which ran a deficit of $1.68 million. "Taxpayers in Penticton should be assured that the financial performance of the Events Centre and other facilities under the management of Global Spectrum are receiving the full attention of Council, the SOEC Advisory Committee and city staff in an effort to turn the corner on net operating costs," says Ashton. In figures released by the City of Penticton Wednesday, Memorial Arena ran a deficit of $152,000 while the Trade and Convention Centre lost $352,000. According to city documents, the SOEC deficit include all activities held at the facility in 2009, including net results for the Penticton Vees hockey team. In a news release, the city says the figures are disappointing but not surprising. The city says as with any new venture, 'it was a learning year in regard to the market place for various types of entertainment.' "Given that a significant portion of the shortfall for the Events Centre is related to the business arrangement with the Penticton Vees, it is important that the city work more closely with the team and Global Spectrum to find ways to improve attendance at the games and reduce associated expenditures," the release went on to say. Penticton Council has held several meetings with senior executives with Global Spectrum to discuss ways of improving the financial performance of each of the facilities. A further meeting is scheduled for March 26.