Friday January 25, 2013
For Immediate Release:
Louisville Metro Council
Contact: Stephen Haag 574-1204 / 645-1752
Tony Hyatt 574-4137 / 526-3622
Metro Council President Jim King and Metro Council Budget Vice Chair Kelly Downard, today issued a statement in support of the progress made by AEG management in bringing the KFC Yum! Center to profitability.
“We have seen a remarkable transition in management and profitability since AEG took the reins under Dennis Petrullo July 2012. In November 2012 alone, the KFC Yum! Center profit was $712,000,” said King. AEG projects they will report a profit of $1.35 million for fiscal year ended June 30, 2013. AEG has also increased event dates in the KFC Yum! Center to 130 for fiscal 2013 compared to 99 forecasted in the Leib report issued in support of the bonds sold to build the arena.
“UofL, our anchor tenant, has continued to be an invaluable partner in the KFC Yum! Center They represent a predictable source of revenue and have consistently provided AEG with flexibility on dates to schedule major concerts and events,” said Downard.
Under its management, AEG scheduled major concerts at the KFC Yum! Center including Justin Bieber, Bruce Springsteen, Fleetwood Mac, Taylor Swift, Bon Jovi and Kid Rock. AEG has also reduced operating costs by its professional management of the facility. In recognition of AEG’s success, the KFC Yum! Center was just ranked 65th in the World and 31st in the nation in paid tickets for concerts among all venues by the well-respected concert and venue industry publication Pollstar magazine.
The increased event dates have required the continued cooperation of UofL as the University controls many dates under its lease. AEG’s General Manager, Dennis Petrullo recently reported at the January Louisville Arena Authority Board meeting that UofL has been a great partner by providing flexibility in its own schedules to allow AEG to optimize the Arena events. For example, UofL recently set aside dates a year in advance to allow the KFC Yum! Center to commit to the future concert dates required by promoters and artists.
The seamless collaboration between AEG Facilities and UofL Athletics has resulted in a facility brimming with excitement during University of Louisville Men’s and Women’s basketball games, and sold out high-profile concerts. In 2012, the KFC Yum! Center was home to the Division I NCAA Women’s Volleyball Championship. Further, UofL Athletics paved the way for the facility to host the second and third rounds of the 2012 NCAA Men’s Basketball tournament.
The high-profile NCAA events held at KFC Yum! Center are bid on by UofL Athletics. But submitting a bid is not enough - UofL’s athletic staff personally lobbies on behalf of the Arena to host these events. Last year’s NCAA basketball and volleyball events brought thousands of tourists and their tourism dollars to our community and the TIF district.
UofL also works with AEG to create a structure for managing each event as well as providing the staffing necessary to ensure events run smoothly. UofL Athletics manages all logistics including hotel arrangements and contracts with Louisville Convention and Visitors Bureau, media production, parking and transportation.
UofL Athletics served as a partner with the State, City and Louisville Arena Authority (LAA) in the planning, design and development of the Arena. AEG assumed management of the KFC Yum! Center under the direction of the LAA Board.
King serves as a member of the LAA Board. Both King and Downard serve as members of the LAA Finance Committee.
Jim King (D) 10
KellY Downard (R) 16