Crossroads Arena in Corinth hopes financial picture improves

town_corinth_greenBy Josh Mitchell

Corinth Today

CORINTH – Whether the Crossroads Arena in Corinth loses money or makes a profit varies from year to year.

General Manager Tammy Genovese says the Arena is doing well in 2017 and hopes to finish with a “positive year-end number.”

In 2016, the Crossroads Arena had a loss of $46,628, Genovese said. That was partly due to unexpected electricity bills and not having a larger show during the year, she said.

In 2015, the facility nearly broke even with a loss of only around $4,500, she has said. And in 2014, the Crossroads Arena had a significant profit of about $82,000, according to Genovese.

There was such a large profit in 2014 partly because of a popular concert put on by Brantley Gilbert, she said.

When the Arena loses money, it is covered by reserves, she recently said. In January, she said the Arena’s reserves were around $100,000. It is unclear if the reserves are still around that amount.

Genovese expressed optimism about the Arena’s 2017 financial outlook in an interview with Corinth Today in January.

“We’ve got a couple of things in the works that I hope would be able to bring that bottom line up and at least break even,” she said at the time.

The Oak Ridge Boys, musical artist Corey Smith and a PRCA rodeo are just a few of the new events coming to the Arena this year.

A “Dancing With the Stars” charity event was held at the Arena last weekend and was a success, Genovese said. A week-long cattle show is also a new event for the Arena this year.

The facility, which can house 8,000 to 9,000 people, makes a positive economic impact on the community, she said. For instance, people who come to shows at the Arena may eat out or stay at a hotel.

Facilities such as the Arena are not really meant to be profit centers, Genovese said in January.

“They’re there to bring in tourism,” she said at the time, adding that it would be OK with her if the facility broke even each year. “It is an investment for the community.”

The Arena gets $200,000 a year from a portion of the tourism tax. Other revenue comes from ticket sales, concessions, facility rentals and sponsorships.

The Arena has three full-time and two-part-time employees and other costs include advertising, utilities and security for events, Genovese said in January.

With a facility the size of the Arena, maintenance costs are always a factor.

For instance, she said the Arena recently received a $7,000 water bill, and it was discovered that there was a leak 6 feet under the concrete. Likewise, last summer three air conditioner compressors had to be replaced, which cost about $50,000.

Click video to hear audio