The Bradley Center Sports & Entertainment Corporation today released its annual financial report covering fiscal 2011, warning that a slight jump in operating revenues that resulted from State of Wisconsin assistance for capital repair and maintenance does not mask the significant challenges the aging facility continues to face.
The Bradley Center, a unique state entity, reported $16.3 million in total operating revenues for fiscal 2011 – which runs from July 1, 2010 to June 30, 2011 – compared to $14.7 million for the previous year. Bradley Center Board Chairman Marc Marotta said the small increase was largely due to $5 million from the State of Wisconsin, the first public money the Center had received since opening in 1988. The Center received $3.6 million of the State money as reimbursement for fiscal 2011 capital maintenance and repair, compared to $852,000 for fiscal 2010.
“While the Bradley Center has been able to keep a stable fiscal position so far, that’s becoming more and more difficult to maintain,” Marotta said. “We are an aging facility with limited revenue-generating options in an industry with skyrocketing economics. We are increasingly challenged to find new ways to generate more revenue to address mounting operational and maintenance needs. The State money is almost gone, and the NBA’s 149-day work stoppage means even less revenue for the current year. Even as the community considers the merits of a new arena – a process that could take five, seven, even eight years – the continued viability of the Bradley Center is a major issue that needs community attention.” Marotta praised plans by the Metropolitan Milwaukee Association of Commerce and the business community to generate more local support for the Bradley Center, calling them a good first step toward meeting the Center’s “clear and present” needs.
“The MMAC is in the process of finishing a study that will show the Bradley Center has a net annual economic impact of more than $80 million in metro Milwaukee,” Marotta said. “We support 1,200 jobs, generate more than $10 million in yearly tax revenue while serving at least 25 percent of the area’s population. The Bradley Center is an important economic driver and job creator for Downtown and the region, and we cannot depend on its current financial status to carry us through the several years it may take for the community to decide on a new building. “We greatly appreciate the efforts of the MMAC and the business community to help preserve Mrs. Pettit’s gift to the people of Wisconsin,” he said. “We look forward to working collaboratively with the community to explore additional opportunities and ideas.”
The Center’s financial report shows that thanks to the state assistance and some additional borrowing, the Bradley Center was able to make about $6.3 million in improvements in fiscal 2011, including exterior concrete repairs, a replacement scoreboard, construction of 10 new theater seating boxes on the club level and other maintenance and capital projects. The Bradley Center has invested approximately $60 million in improvements, capital repair and routine replacement since opening, Marotta said.
“With the help of a dedicated staff and a committed volunteer board of Directors, the Bradley Center remains a solid community asset,” he said. “Despite our challenges, we have been able to invest in the facility, support our tenants in a meaningful way and provide a top-quality entertainment experience to the 1.5 million people who passed through our doors last year. But our job is getting harder, and our challenges greater. If we are to continue to preserve this asset and honor the generosity and spirit of the late Jane Bradley Pettit, community support now will be important.”