by Sheila Ash
The Louisville Arena Authority expects the KFC Yum Center to make a profit in its first full year of operation.
The authority voted Monday to accept two proposed budgets that anticipate millions in extra revenue.
The capital budget calls for the authority to take in 1.4 million more than it will pay in debt service and the operating budget anticipates a 1.2 million dollar profit.
Arena Authority Chairman Jim Host says predictions are based on 94 events–including University of Louisville basketball games–that are currently scheduled or will be scheduled.
But Host says the firm hired to bring in concerts and events feels the facility can host even more acts per year.
“AEG says they think we can do 140,” he says. “And when they did the agreement with us and did the press conference with us they think we can do 140. I’ll be happy if we do 110 and the budget’s based on 94, but if we did 140 it’s a big time home run.”
The budget also anticipates that Metro Government will pay 6.5 million dollars toward the arena’s debt. Host says the authority could repay up to 2.6 million dollars back to the city.