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WHEELING -- The Greater Wheeling Sports and Entertainment Authority board is looking to pump the brakes on growing operational expenses.
Members of the GWSEA board met recently for their last meeting until the end of August, as the board traditionally does not hold a regular monthly meeting at the end of July. Officials discussed operating revenues and expenses at length with fiscal officer Nancy Hughes, who provided a comprehensive breakdown of key highlights, trends and important items related to finances at WesBanco Arena and the Capitol Theatre.
So far this year, the GWSEA has seen an operating loss of $901,511, with rising expenses and declining operational revenues widening the gap. However, the year-to-date non-operating revenue has totaled $1,006,220, resulting in a small net income overall.
Hughes noted that compared to fiscal year 2025 figures through the month of May, this year’s operating revenues have been down by about $340,000. The year-to-date operating expenses have been up by around $333,000 compared to the same time last year.
The GWSEA has seen investment income from excess cash on hand. Agency accounts typically had around $2 million in excess cash, but that amount has declined in the last fiscal year because of the operating deficits. As of the end of May, excess cash totaled $1,880,611.
"My concern as a board member -- and our fiduciary duty -- is that we don’t have a burn rate we can’t sustain," said board member David Croft. "I’d love to get away from the mindset that we always lose money."
Some events bring about unexpected financial wins, officials indicated. For example, seven playoff games by the Wheeling Nailers held during May generated approximately $147,000 in concession sales, demonstrating the significant financial impact of postseason hockey on concession operations, Hughes noted.
Officials have noted that the primary goal of the GWSEA authority is to bring entertainment to the area. Hughes noted that for many years, the agency typically has had a net operating loss. The city of Wheeling, the Wheeling Convention and Visitors Bureau and other agencies have in the past provided financial assistance with capital improvements and other efforts by the GWSEA as a public entity.
One of those collaborative efforts was to provide a co-promotional or co-pro fund. Back in 2021, the city, GWSEA and Wheeling CVB partnered on the venture to provide $250,000 for the co-pro fund, which served as an incentive for promoters to come to Wheeling. The fund provided a risk-sharing cushion in which promoters did not have to worry about absorbing all of the potential loss if a show did not perform well financially.
However, Hughes said the co-pro fund was officially closed in May.
"Let’s remember that the co-pro was never meant to be a permanent thing. It was always designed to help us get new shows in here," she said, noting that the fund helped the GWSEA establish good working relationships with promoters and helped them try to bring a variety of shows to Wheeling in recent years and gauge what performed well and what did not. "What the co-pro fund helped us do was make relationships with people and get our name out there. We’re not going to end our relationships with people. It did what it was supposed to do, but now it’s over."
Officials noted that they will continue to offer co-promoted events, but will have to do so without the one-time fund that had been established. Hughes indicated that the co-pro events that were wins for the GWSEA did not result in a full realization of revenue windfalls, as a portion of those revenues were used to replenish the account. The natural evolution of the co-pro process will see cash reserves funding the losses and the GWSEA being rewarded by the wins, officials explained.
"Moving forward, shows will be true wins or true losses," said GWSEA Executive Director Kelly Tucker, noting that they will no longer need to reimburse the co-pro fund. "When we first started doing this, I was focused on content, content, content -- taking the approach that we’ve got to get Wheeling back on the map."
Officials indicated that they would not be opposed to having the co-pro fund replenished via donation or outside contributions.
"It’s an enticing piece of bait to get shows in here, and that’s what this building is here for," said board member Kevin Duffin.
GWSEA officials have been monitoring utility costs and are expected to take a closer look at rising operational costs from rising concession costs and increased vendor pricing.
Tucker noted that the month of June has been a slower time at the Capitol Theatre, and the hardworking staff members have been taking the time to refresh. There has been a flurry of activity at WesBanco Arena with a few events at the Capitol over the past month, with arena football kicking off, graduations taking place and the end of hockey season for the Wheeling Nailers at the arena, along with a number of dance recitals at the theater. The summer concert series on the WesBanco Arena patio has also kicked off, with live music and more on the first Friday of each month this summer.
"We are handling all of the ticketing for the symphony next year," Tucker reported, noting that the Wheeling Symphony Orchestra’s new season will be announced in the coming weeks, and tickets will go on sale. The Broadway at the Capitol season will also be announced and go on sale soon, as well, Tucker said.
Some new concerts were recently announced for the Capitol, including Whisky Myers on Oct. 6 and Daughtry on Oct. 27.
"They’re both great additions," Tucker said. "They’ll be great shows for the fall."
Tucker added that in August, WesBanco Arena will be available as an indoor alternative location during the 25th Heritage Music Bluesfest.
"We are going to be the backup location for Bluesfest in case of inclement weather, they’ll be able to move inside the arena," Tucker said.