Fiscal Year 2024 saw a $1.2 million deficit at Five Flags Civic Center

Dubuque, Iowa – Revenues at the Five Flags Civic Center in Dubuque fell more than half from the previous year, resulting in a $1,162,352 loss in Fiscal Year 2024.

Dubuque’s Leisure Services Department Director, Marie Ware, is in charge of the city’s agreement with ASM Global, which runs the event center’s daily operations. She informed TV9 that although the city budgeted more than $1,100,772, they expected the Five Flags Civic Center to operate at a deficit.

Would we have preferred the results from the previous fiscal year? “Yes,” Ware replied. Were they doing everything they could to ensure that they did the best they could, and was I aware of it? Yes, everyone was, so we will do that once more.

Aaron Rainey, general manager of Five Flags, explained the deficit by pointing to spending patterns and difficulties scheduling events.

Many venues, or the industry as a whole, are experiencing a little decline in ticket sales, which affects the remainder of their revenue. “That’s not what any of us want to see,” Rainey remarked. Booking issues lead to ticket sales, which in turn lead to your food and drink, so it’s a bit of a vicious cycle that we need to discuss, isn’t it? Fortunately, though, I believe we have a fantastic plan in place for the future.

Among those initiatives are capital improvement projects that Dubuque has planned for the next five years, totaling $24 million.

Ware stated that the changes might include “e.g., improvements to restrooms, concession stands, HVAC systems, and upgrading systems to be more energy efficient.” Rainey supports the planned investments in infrastructure.

“We’re really looking forward to what lies ahead. “I think the key is to be a community space,” Rainey said. “A stadium with 10,000 seats is not necessary for Dubuque. As I mentioned, we have fantastic local community events that include some of the smaller items. I believe we have a niche that we can fill.

Rainey cares about the future of the event center.

When I was younger, this was the location of my very first show. Hempstead High School is where I completed my high school education. This building is where I received my college degree. They did a benefit for me in this building when I was really sick, and I’m now the general manager of it,” Rainey recounted. “I’m taking my own nine-month-old son to Sesame Street in a few weeks. I can assure you that neither I nor my employees breathe, live, or sleep in this building more than we do. We know that something significant for the building and the neighborhood is about to happen, which is why we are so thrilled.

Rainey stated that the Five Flags Center is in final contract negotiations with Iowa Power, which means that an arena football franchise would soon be a part of his vision.

In 2025, the club is anticipated to play in Dubuque.