By Jimmy Nesbitt, Evansville Courier & Press
Roberts Stadium's days could be numbered, but the 52-year-old facility is still making a profit.
The stadium had generated more than $2 million in revenue as of late last month, with a profit margin of nearly $130,000, according to SMG, the company that manages the stadium for the Evansville Parks Department. In 2007, the stadium earned $2.8 million, with a $13,663 profit.
How the stadium has performed financially in recent years is a topic that has received little discussion, at least publicly, since the city began debating whether to build a new arena or renovate Roberts.
Depending on whom you ask, that's either an oversight or a moot point.
The Roberts Stadium Advisory Board met for more than a year and discussed how a new arena would perform financially at a new location versus the current site.
Board member Joe Kiefer said he didn't recall any detailed conversations about how the stadium had performed historically.
"I don't think that was something that came up," Kiefer said.
The board recommended building a Downtown arena. The decision now rests with Mayor Jonathan Weinzapfel and the City Council. Both are awaiting the results of studies performed by architectural, engineering and financial consultants.
Those studies have begun, and a final report is expected by late November.
Weinzapfel and council members have said repeatedly that the financial plan will be key to their decision - namely, whether the arena can be funded without raising property taxes.
Weinzapfel said he wasn't surprised that Roberts Stadium is still making a profit.
"It's pretty well managed," he said.
But that doesn't change the fact that the stadium has many structural inadequacies that prevent it from making even more money and drawing more entertainment acts, the mayor said.
The cost of major renovation that would include roof repairs and loading dock expansions to make the stadium competitive with modern facilities has been estimated between $40 million and $90 million.
"It still goes back to the central question of does it make sense ...," Weinzapfel said.
Gateway Consultants, the firm the city hired during the initial phases of the arena debate, concluded that a new 10,000-seat arena would cost around $92 million.
A new arena could have a floor large enough to support an arena league football team and minor-league hockey. The stadium can support neither.
The Evansville Blue Cats Arena League team tried, but the franchise died after a short run. Part of the reason was that the field was too small.
The president of the Central Hockey League has said he is interested in starting a franchise in Evansville if a new arena were built. An Indianapolis developer has also expressed interest in building a luxury hotel if the city built a new Downtown arena.
And though the stadium is making a profit, the numbers are down from the late 1990s, when the stadium netted profits as high as $550,000.
Roberts still attracts top tier names. This year alone the it has hosted musicians Carrie Underwood, Brad Paisley, Martina McBride, Kid Rock, Kenny Chesney and the Jonas Brothers. And more than 8,000 people attended a rally there for Democratic Presidential candidate Barack Obama in April.
SMG General Manager Todd Denk said it's too early to tell how the stadium will fare in 2009, but he's optimistic that they'll be even more successful.
"We've got a little more on the calender versus this time last year," he said.
How profitable the stadium is year-to-year depends a lot on what acts are touring and how long those tours last.
"Honestly, I think it just cycles," Denk said.
That question shouldn't play a role in the city's decision to build a new arena, said City Councilman Curt John, D-At large.
"At some point we're going to have to spend a substantial amount of money to bring the current (stadium) up to date or build a new one," he said.
The stadium is exceeding its expectations by making money because government owned venues normally lose money, John said.
That's true in Evansville with Swonder Ice Arena, the Mesker Park Zoo and the Victory Theater and in other cities nationwide, John added.
"It's a quality-of-life issue," he said.
Not closely reviewing how an existing facility has performed financially before deciding to build a new one would be a huge mistake, said Jeff Kniese, R-1st Ward.
Kniese, like Weinzapfel and his peers on council, is waiting to see the consultants' financial report before making a decision on the arena.
"I think you always have to look at where you're at financially," Kniese said.
Even with its structural problems, the stadium is still a strong venue that has a regional draw, Kiefer said.
"I think it's going to continue to do well," he said.