Peoria Civic Center touts record setting year for income
The Peoria Civic Center had its best financial year since its 2007 expansion, according to General Manager Rik Edgar.
He touted record income generated by the venue in 2023 during a presentation to the Peoria City Council Tuesday night.
Net income at the Civic Center was up roughly $1 million over its previous best year, Edgar said, and overall adjusted gross income was $7.1 million, $1.89 million ahead of expectations for 2023.
The Civic Center generated $1.02 million in tax revenue paid out to the state and city of Peoria, according to its report. The Civic Center paid $459,127 to the state and $565,533 to the city in 2023.
In fiscal year 2023, which ended in August, the Civic Center had 142 ticketed events, generating $13 million in ticket sales, it said. Its net income from events was $6 million.
Peoria was also named the No. 2 concert market in Illinois by Pollstar, Edgar said.
The Peoria Civic Center also boasted a number of record setting shows in 2023. A Hotwheels Monster Truck show set a new venue record for motor sports revenue, and comedian Bert Kreischer set the record for a comedy show this year, Edgar said.
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In the theatre portion of the Civic Center, concerts made up 38% of revenue and brought in 33% of attendance.
At the Civic Center's arena, 71% of revenue was driven by concerts and entertainment, while the other 29% came from tenant sports Bradley Basketball and the Peoria Rivermen. However, tenant sports made up 52% of attendance compared to 48% for concerts and entertainment.
Tenant sports also comprised 66% of the event days in the arena.
The convention center also had its fair share of success in 2023 and is expected to see more growth in use and attendance, according to the presentation.
Future projects at the Peoria Civic Center
Looking ahead, Edgar told the council that the arena is looking to replace its scoreboard at the request of Bradley basketball and repurpose the existing scoreboard to outside the arena.
In 2023, the Civic Center has already spent $9 million on renovations and repair projects, including completion of roof repairs, the arena sound system and arena retractable seating. The Civic Center is still looking to renovate the dressing rooms and make repairs to the glass arcade.
Revenue compression is expected to hit the Civic Center in fiscal year 2024, however. Rising costs for touring shows, coupled with an pressure to keep ticket prices low, will hamper revenues, Edgar said.
"It will eliminate some shows from our market because we just can't afford to put them on any more," he said.
Revenues will also be impacted in the near future by arena renovations, Edgar said. The arena is currently closed for renovations to the lower bowl seating, which is expected to close the venue for 40 days.
"The venue season is about eight months, so we lost one month of that eight, so with 50-60% of our revenue coming from our arena, we know its going to be a hit to our budget," Edgar said.
He said the closure meant the Civic Center had to turn away some shows, but added they hope to make up the lost money in 2024 and 2025.
Edgar also said the Civic Center is still in talks with the Peoria Rivermen about replacing the ice making equipment system in the arena and is looking for a long-term commitment from the team before moving ahead in the process.
In March, the team and arena reached a deal that would keep the Rivermen in Peoria on a two-year agreement.
Edgar said the Civic Center and Rivermen agreed not to discuss the negotiations publicly.
When asked by councilmember Andre Allen what Edgar and the Civic Center would like to see from downtown Peoria as it continues to grow, Edgar said there is a high need for a restaurant downtown that features a kids menu so families attending shows do not have to drive elsewhere to eat.
This article originally appeared on Journal Star: Peoria Civic Center boasts record income, but faces future challenges
