FOR INFORMATION CONTACT
Evan N. Zeppos, APR
Fiscal Report Indicates Bradley Center Maintains Sound Financial Position
MILWAUKEE – The Bradley Center Sports and Entertainment Corp. today released its Report to the Community that demonstrates as a top Wisconsin entertainment destination it provides its major tenants and teams with more than $10 million in direct and indirect financial support. The fiscal report also provides information on the Bradley Center’s gross revenues and expenses. The Bradley Center, which hosts the National Basketball Association’s Milwaukee Bucks, Marquette University men’s basketball team and the Milwaukee Admirals of the American Hockey League, operates without tax funding, makes payments to local government and generates millions in additional tax revenue for the State of Wisconsin.
“We are pleased that the Bradley Center has been able to provide support to the three sports teams that call it home and continue to break even operationally without the use of public funds,” said Ulice Payne, Jr. chairman of the Bradley Center Board of Directors. “Most importantly, the Board remains committed to maintaining and preserving the community gift the late Jane Bradley Pettit gave to the citizens of Wisconsin in 1988.”
Total financial team support was more than $10 million during fiscal 2004. Tenant shared revenue was the most significant support at $4.7 million. Additional support to the teams came from providing $1.2 million in un-reimbursed staging costs and services, including food service, ticketing support, video production, and providing first aid, ushering, security services and more. The Bradley Center also provided signage and sponsorship rights worth more than $1.0 million, purchased $2.8 million in suite tickets and provided $0.3 million in miscellaneous team support.
During the past year, the Downtown entertainment venue hosted more than
150 sporting, musical and family events and welcomed nearly 1.6 million guests. As a result of the Bradley Center’s high level of activity, it generated more than $23 million in gross revenue. Nearly half of the Bradley Center’s revenue, $11.1 million, comes from food, beverage and merchandise sales. Additionally, $6 million is derived from arena suites, $1.8 million from parking, $1.6 million from rent, $0.8 million from expense recovery, $0.7 million from ticketing, $0.4 million from investment income and $0.6 million from other miscellaneous revenue sources.
In regard to expenses, nearly $2 million is spent on maintenance, supplies, and contracted services, with another significant expense being the cost of purchasing food and merchandise. The Bradley Center payroll for its approximately 1,200 employees, including 72 full-time employees and seasonal employment equivalent to an additional 125 full-time positions, is in excess of $7.5 million. The Bradley Center had an annual depreciation expense on the building of $3.1 million, and as of June 30, 2004, the plant fund – designated for future property and equipment replacements – had a balance of $9.3 million.
The Bradley Center’s annual, audited financial reports are available to the public. For a copy of the Bradley Center’s Report to the Community contact the Bradley Center at 414-227-0797 or visit www.bradleycenter.com.