Denny Sanford Premier Center Reports $1.1 Million in Net Operating Income Through First Six Months
The Denny Sanford Premier Center is a gem of Sioux Falls already in its six month existence. Venues from all over the country are calling to find out what makes this facility so special.
Here are the details from the first six months of operation at the new Denny Sanford Premier Center in Sioux Falls,SD.
DENNY SANFORD PREMIER CENTER REPORTS $1.1 MILLION
IN NET OPERATING INCOME THROUGH FIRST 6 MONTHS
(Sioux Falls, SD)— The financial health of the Denny Sanford PREMIER Center is in great shape after the venue’s first six months of operations.
Factoring in ticket sales, sponsorships, facility rental fees, food and beverage, and other revenue sources, the Denny Sanford PREMIER Center is financially in the black after the first six months with net operating income of $1.1 million.
The high revenue means a huge economic impact for the community as well—more than $962,000 in direct sales taxes has been paid to date from operations at the venue.
“We are absolutely thrilled with these financial results through this first six-month period. Our first projections nearly four years ago that this new venue would operate in the black were met with great skepticism by many. This financial report gives the skeptics more than a million reasons to become believers,” says Tracy Turbak, Finance Director for the City of Sioux Falls.
The financial results are directly related to the tremendous event activity since the grand opening concert on October 3, 2014. To date, there have been 11 sold-out events, including seven sold-out concerts. Nearly twice as many pop/rock acts have been booked as country music concerts. For the first time in state history, international touring events Cirque du Soleil and Professional Bull Riders (PBR) have come to South Dakota, and they are coming back again.
More than 400,000 people have attended events at the PREMIER Center through the end of March, including concerts, sporting events, and family shows. Original estimates by venue staff pegged total first year attendance at 500,000. There have been 94 individual events that have been held so far in the PREMIER Center, with an average of one event every other day during that time span.
The success of ticket sales at the facility has led to great interest from concert promoters, who see Sioux Falls’ new arena as a desirable location to bring concerts. Just three months after opening, the PREMIER Center was nominated by concert industry professionals for the prestigious Pollstar Awards as one of the Best New Major Concert Venues in the world, competing against only three other facilities in some of the world’s largest media markets including Los Angeles, New York, and Glasgow, Scotland. The award ultimately went to the refurbished Forum in Los Angeles.
6 Month Statistics
$1.1 million net operating income
$962,383.40 sales tax payable
408,807 attendance (October 3, 2014-April 2, 2015- not including Grand Opening events)
94 event dates (includes multiple events in one day)
11 sold-out events
8 total pop/rock concerts
5 total country concerts
32 basketball games
About the Denny Sanford PREMIER Center
The Denny Sanford PREMIER Center is the region’s newest and largest sports and entertainment venue, hosting a variety of events including concerts, hockey, indoor football, Division I basketball, rodeos, family programs and much more. The facility features two public and two private clubs and offers premium seating including private suites, loge boxes, and club seats. The Denny Sanford PREMIER Center opened September 19, 2014. For more information, visit www.dennysanfordpremiercenter.com.
Founded in 1977, SMG provides management services to more than 230 public assembly facilities including convention and exhibition centers, arenas, stadiums, theaters, performing arts centers, equestrian facilities, science centers and a variety of other venues. With facilities across the globe, SMG manages more than 15 million square feet of exhibition space and more than 1.5 million sports and entertainment seats. As the recognized global industry leader, SMG provides venue management, sales, marketing, event booking and programming, construction and design consulting, and pre-opening services for such landmark facilities as McCormick Place & Solider Field in Chicago, Moscone Convention Center in San Francisco, Houston’s NRG Park and the Mercedes-Benz Superdome in New Orleans. SMG also offers food and beverage operations through its concessions and catering company SAVOR, currently serving more than 130 accounts worldwide.
** INFORMATION PROVIDED BY SMG AND THE DENNY SANFORD PREMIER CENTER