Ricochet News

Mandela Bay Stadium Revenue Down In First Quarter

OCTOBER 23, 2014
Mandela Bay Stadium Revenue Down In First Quarter

Revenue from the Nelson Mandela Bay Stadium was “slightly lower” than expected for the first quarter of the current financial year, according to a report submitted to the Budget Performance Monitoring Forum.

Stadium Operator, Access Facilities and Leisure and Management, says the reason for lower revenue is “poor attendance at early season matches to date”.

However, it remains “confident” that the revenue target will be met for the current financial year.

It adds that currently there are “no significant revenue and expenditure variations or any reason to believe that there will be”.

The report shows that revenue to date is R7.3 million, which is 19% of the projected R38.2 million for the current financial year. Ticketing income for the first quarter amounted to R970 799.00, while ticketing income from suites came to R138 991 between July and September.

Access reports that in the first three months of 2014/15 R72 000 was received from the sale of suites for rug-by but that there were no suite sales for soccer.

The figures show that in the first quarter of the 2014/15 financial year the Stadium operated at a loss of R5.9 million, which is 45% of the projected loss for the whole of the year of R13.3 million.

Variable event expenses for the first quarter were R5.3 million, which rep-resents 29% of the budget of just less than R18.6 million for the whole financial year. - MetroMinutes