Projo Biz Blog

The Rhode Island Convention Center Authority operated at a loss in the first eight months of its fiscal year, but the loss was less than expected and less than for the same period a year ago, if a one-time payment from the state that year is excluded, according to recently released financial statements.

For the period from July 1 last year to Feb. 29 this year, the authority lost a total of $252,352 on operations at the convention center and at the civic center and on its own internal operations. For that period, the authority’s budget predicted a loss of $282,294. For the same period the previous year, the authority showed a profit of $166,051, but that figure included a one-time payment from the state of $1.5 million that wasn’t repeated this year.

“It’s average news,” said authority Executive Director James McCarvill. “We’re on budget. We’re beating prior year.”

He said he expects those numbers to run in the black next year after renovations at the civic center arena are complete. Those have dragged down the authority’s performance in several ways, he said, including:

Accommodating the construction schedule has forced the arena to be closed on dates it could have booked events.

Reduced attendance at the civic center results in reduced parking revenues in the convention center’s garages.

Construction needs have meant part of the building has been open to the elements throughout the winter, driving up heating costs.

Dust from the construction has prompted added expenses for cleaning before events.

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