The Regina Exhibition Association Limited posted a one million dollar loss last year, but both the organization and the City of Regina are not too concerned about it.
2017 saw the opening of Mosaic Stadium and the International Trade Centre, something REAL says will boost Regina’s economy in the long run.
REAL President and CEO Tim Reid says the opening of those two facilities required a high cost for a successful opening.
“I think given the uniqueness of the operating year we just went through with opening the ITC and the on-boarding a new (Mosaic) stadium, I think that the decision we made as an organization and frankly, the Board of Directors made, was to made sure the roll-out of those two substantial pieces of civic infrastructure were done to the highest degree of success.”
Reid says the money simply didn’t flow into the organization as fast as it had to be spent.
“The revenue grew by about 32%, as did the expense,” Reid says. “The gap between revenues and expense growth was exceptional in terms of the size for a business of the size of REAL, however the revenue didn’t grow as quickly as the expenses did, and some of that was related to timing.”
There is optimism ahead however, as Reid points to the Memorial Cup and the Roughriders 2018 season coming up as money-making events to bring REAL’s books back to balanced.