© 2024 WOSU Public Media
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations
WOSP-FM in Portsmouth is operating at reduced power. In the meantime, listen online or with the WOSU mobile app.

Nationwide Arena Makes Small Profit But Still Can't Pay Back Loans

Nationwide Arena
WOSU file photo

For the third year, Nationwide Arena will not be able to pay back any of its loans from a complex deal to use casino-tax money to finance the arena.  

The Franklin County Convention Facilities Authority, which owns Nationwide Arena, reports that 2017 revenues from non-hockey related events and casino taxes are enough to pay for arena operations.  However, there are not enough funds to pay down the $52 million loans from the state and Nationwide Realty.

Don Brown, executive director of the convention facilities agency, says the arena will make a $1.5 million profit on operations this year.

“These obligations are prioritized," Brown says. "Operations must be met first, capital repairs and improvements second, and loans lastly."

Casino revenues have only brought in half of expected projections. The total revenue from events and casinos tax revenues came to more than $24 million, while $4 million came from casino taxes.  

Debbie Holmes has worked at WOSU News since 2009. She has hosted All Things Considered, since May 2021. Prior to that she was the host of Morning Edition and a reporter.