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Durham’s Profitable PAC
Officials with the
Financial statements released Nov. 5 show the facility, operated by The Nederlander Organization and Professional Facilities Management, brought in $6.5 million in ticket sales and $1.5 million in other revenue in the fiscal year ending June 30, according to the Triangle Business Journal of Raleigh.
Expenses included $5.7 million to stage performances and $1.3 million in general and administrative costs, the Journal said.
Overall, the DPAC reportedly ended the fiscal year with $1 million in net income from events, of which 40 percent, or about $400,000, goes to the city’s DPAC enterprise fund to cover debt service on the $48 million facility.
The city will reimburse Nederlander and PFM $100,000 for pre-opening and marketing costs, the paper said.
Durham Mayor William Bell told the Journal the venue has exceeded expectations, especially in a down economy.
“Our first season has been undeniably successful,” Bell said. “The management of DPAC, in addition to operating a first-rate facility, has found the right combination and diversity of performances that attract people from throughout the region, and the numbers show it.”