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CIB reports quarterly revenue increase

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An increase in visitors to Indianapolis hotels and restaurants helped the Capital Improvement Board of Marion County see higher revenue in the year's first quarter.

CIB reported at its Monday meeting that revenue in the first three months of 2011 grew 28 percent, to $22.5 million, compared with the same time last year. In addition, revenue exceeded what CIB had budgeted in the first quarter by more than $2 million.

“A lot of that is directly related to the activity we had in the [Indiana Convention Center],” said Dan Huge, the convention center’s chief financial officer.

March was “a very good month,” he said, citing the Fire Department Instructor Conference and the National Truck Equipment Association convention.

The convention center addition that opened in February boasts 350,000 square feet of exhibit space, pushing the overall convention center from 32nd largest in the United States to 16th. The facility, when combined with Lucas Oil Stadium, offers a total of 1.2 million square feet of exhibit and meeting space.

CIB is banking on the larger convention center to attract more meetings, which would translate into additional visitors spending more on food and hotels.

Taxes collected by CIB, which include hotel, food and beverage, and admissions receipts, totaled $16.4 million, a 22-percent increase from the first three months of 2010.

More specifically, taxes generated by admissions to events at CIB-owned facilities grew 27 percent, food and beverage taxes increased 19 percent, and hotel stays improved 18 percent.

Besides the convention center, CIB manages Lucas Oil Stadium, Conseco Fieldhouse and Victory Field.

Despite the increase in revenue, CIB still is running a deficit of $6.6 million through the first three months of the year. That’s largely due to the second of three annual $10 million payments CIB made to the Indiana Pacers to operate Conseco Fieldhouse.

CIB’s decision to give the Pacers $30 million drew a sharp rebuke from opponents who criticized the funding as another example of a handout to a professional sports team.

CIB said it is under budget by nearly $900,000 through the first three months on salaries and employee benefits, including security costs, due to job cuts.

Including debt obligations, CIB’s total budget for 2011 is expected to be $104.4  million.

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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