New amenities at the Richmond Olympic Oval will be promoted at a cost of roughly $500,000 this year, according to the facility’s quarterly financial statements.
The marketing costs for additional retail spaces, the Richmond Olympic Experience sports museum as well as the YYoga exercise centre will eat into the Oval’s reserves.
Last year, with a City of Richmond contribution of $3.2 million to the Oval’s bottom line, the Oval had a surplus of $1.6 million. This year that surplus — which is allocated for future capital expenses — will be about $780,000.
The three-page report to council states that “a portion” of the marketing costs is considered one-time expenditures.
The Oval’s administrative costs are expected to jump 26 per cent, from $2.7 million in 2014 to $3.3 million this year. Meanwhile, membership fees and program revenues are expected to rise 17 per cent, from $6.5 million in 2014 to $7.6 million this year.
The $10 million ROX museum, largely funded by corporate sponsors, according to the city, is expected to open by this summer.
The Oval will host 40 marquee events this year, according to the report.
