Look at Prescott arena experience

There was an article in the Prescott Daily Courier newspaper about the Prescott Valley arena that was built in cooperation with Global Entertainment Corporation, like the one proposed here.
 
This article was dated Sept. 4 and it said, "Prescott Valley residents should not be alarmed by the fact Global Entertainment, the operator and manager of Tim's Toyota Center (the name of the arena), has shown a $4 million loss two years in a row, said James Yeager, Global's chief financial officer.  Yeager added that the fact both the events center and Global operated at a loss in the past fiscal year will not impair their ability to pay the events center's debt service payments. 'We have funds from other sources to cover that,' he said.
  
"This past Friday, Global announced it lost $4.03 million in fiscal 2007-08, which ended May 31. This was slightly less than the $4.1 million it lost in fiscal 2006-2007."
 
There are a few things I will mention as to what the $4.03 million loss comprised:
 
1. A $2.82 million from continuing operations primarily attributable to legal fees and settlements costs associated with several litigation issues.
 
According to a reader comment on the article dated Sept. 6, "Global Entertainment had left a trail of failed arenas across the country; that's what all the litigation is about."
 
2. "In fiscal year 2007, which ended Dec. 31, 2007, Global's filing showed the events center in Prescott Valley suffered a $3.3 million loss. In fiscal year 2007, the events center brought in $5.5 million in operating revenue and $731,000 in sales tax revenue with operating expenses of $7.3 million and an interest payment of $2.4 million, making a loss-before income taxes - of $3.3 million."
 
Prescott Valley residents are being kept in the dark about what is really going on between Global and the Prescott Valley government.
 
One other reader comment dated Sept. 6 from a concerned citizen states, "Several of us concerned citizens have tried to find out the financial information and were told that the right to review financial records was forfeited because of the development agreement." It also says "this center is so financially strapped, it's been unable to keep a decent American flag displayed. For the last 2 months there has been no flag displayed."
 
Another commenter said, "It was a BIG mistake to build that white elephant in a rural high desert town and an even bigger mistake the Town got itself involved. What about the salaries the big cheeses get paid? Don't the taxpayers have a need/right to know? Anyway, it's what it is, a bummer and I am proud to say I have never been inside the arena and as a matter of honor will never set foot inside or buy a car from Tim's."
 
I've grown quite attached to the city of Yuma during the three years I have resided here.
 
Give this added information about Global some serious thought.


--
SHIRLEY BOURGOIN
Yuma