Officials are touting a strong performance by the new Colorado State stadium, which is expected to exceed revenue projections in its first year.
According to figures that were presented on Friday, revenues during the facility’s first year of operation are expected to exceeded initial projections. Overall, net revenue is anticipated to be $3.2 million above what was initially expected, while total revenue is slated to be $4.14 million higher than what was previously projected.
The final numbers are not expected to be ready until the end of the current fiscal year on June 30, but officials do not expect that the numbers discussed on Friday will change significantly between now and then. More from The Coloradoan:
Net revenue from CSU’s on-campus stadium in its first year of operation is expected to be about $3.2 million more than projected, President and Chancellor Tony Frank told the school’s governing board Friday.
Total revenue from the new stadium is expected to be $15.54 million, which is $4.14 million more than projected in the original forecast. Expenses were $2.38 million, which is about $973,000 higher than projected.
The numbers were presented to the Colorado State University Board of Governors at its meetings at the CSU-Pueblo student center during an annual accountability report on the stadium.
CSU financed the stadium’s $220 million construction costs and the first two years of interest payments on the debt incurred to build it through the sale of $239 million in revenue bonds. The school’s annual payments on those bonds, issued with an aggregate interest rate of about 3.57 percent, are about $7.9 million for the 2018 fiscal year and about $12.18 million annually from 2020 to 2055.
The new Colorado State stadium hosted its first game last August.
Rendering courtesy Colorado State University.