Tulsa's BOK Center profits exceed expectations; officials predict about $1.3 million
BY BRIAN BARBER World Staff Writer
Monday, May 28, 2012
5/28/12 at 7:50 AM
Read more BOK Center coverage and concert reviews.
Tulsa's BOK Center has generated a $1.1 million operating profit through the third quarter of the fiscal year, new financial reports show.
Management expects that figure to grow to about $1.3 million by the June 30 end of the fiscal year, its fourth since opening in 2008.
That would exceed the $1.1 million realized in the first year. The second and third years reached $1.6 million. The budgeted profit margin is $205,878.
"We've had a very good year so far," BOK Center General Manager John Bolton said, "and that's because the public continues to enjoy the facility and responding to the shows that we put on sale.
"It's like our honeymoon period has continued."
From July 1 to March 31, the BOK Center generated $5,473,418 in income to offset $4,368,688 in expenses, resulting in the $1,104,730 profit, according to reports.
All of the profit at the end of the fiscal year will be placed in the facility's reserve fund to help pay for any major maintenance needs. The fund has a balance of about $3 million.
The venue so far this fiscal year also has turned over about $1.3 million in sales-tax revenue to the city, state and county based on their shares of the tax rate.
That's from the arena netting more than $15 million in sales of tickets, T-shirts, concessions and other items.
BOK Center officials are expecting the upcoming fifth operating year to be even stronger than the current one as the national concert industry continues to bounce back from the recession.
Multiple shows including James Taylor, Rod Stewart and Stevie Nicks, Brad Paisley, Kiss and Motley Crue, Carrie Underwood and Red Hot Chili Peppers, are already on sale for next fiscal year.
"We're very excited about our bookings," Bolton said, "and there's still many more to be announced."
The BOK Center was built with $178 million from the Tulsa County Vision 2025 initiative and about $12 million from sponsorships.
Top 5 BOK Center ticketed events
Third quarter (Jan. to March)
1) Winter Jam (Feb. 25), 16,823 tickets sold
2) George Strait (Feb. 16), 15,879 tickets sold
3) Lady Antebellum (Jan. 27), 11,852 tickets sold
4) Michael Jackson's Cirque du Soleil (Feb. 18 and 19), 10,212 tickets sold
5) Jeff Dunham (Feb. 26), 7,252 tickets sold
Original Print Headline: BOK Center sustains profit
Brian Barber 918-581-8322