While the Stampede CEO said the organization faces a “multi-year recovery,” early estimates have 2023 gross revenues surpassing 2019’s. yyc
as the host and planner of the annual exhibition and rodeo recovers from the early impacts of the COVID-19 pandemic.“It’s very important through the pandemic, as we were able to restructure our debt, and it’s important going forward as well, because the lower interest rates will allow us to put more funds into community programming, our people and Stampede Park,” Stampede CEO Joel Cowley told Global News on Wednesday.
“The difference between 2023 and 2022 is that we currently are booking events on site year round at the BMO Centre and throughout the park,” Cowley said. “And if the 2023 Calgary Stampede is as successful as the 2022 Stampede, yes, it will be a normal year for the organization.”The Stampede took on additional debt “to keep the lights on” in 2020 and 2021, and Cowley said the organization is anticipating having to make near-term balloon payments.
“And we’re also in the process of ramping up the BMO expansion, so we’re going to need to put a lot of money into the BMO to get ready both from an operational standpoint in furniture, fixtures and equipment before we can even generate any revenue from that expanded space.“And so these funds really help in that regard and prepare us for the future.
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