Rose Bowl Faces Uncertain Financial Future Amid Pandemic Revenue Loss
The Rose Bowl is "facing tens of millions in lost revenue and an uncertain financial future" due to the pandemic, according to David Wharton of the L.A. TIMES. The Rose Bowl Operating Company, which runs the city-owned venue, yesterday received $11.5M in "stop-gap funding -- and a warning -- from Pasadena City Council." Pasadena Vice Mayor Tyron Hampton said, "We have a massive debt from the Rose Bowl and the city is going to have to figure out how to fill that gap. The facility has to make serious changes." Rose Bowl Operating Company CEO & GM Darryl Dunn said that the pandemic could result in as much as $20M in lost revenue and "leave his operating company millions in the red by this time next year." But Wharton writes the "roots of the problem predate COVID-19." Knowing an NFL franchise "eventually would come" to L.A., the Rose Bowl embarked on a $183M remodel that stretched from '05-'16. The $11.5M approved this week, which was "taken from city reserves, will go toward servicing that debt." Meanwhile, city officials have "expressed concern about the size of the Rose Bowl staff, which Hampton refers to as 'administrative bloat.'" Some cuts are "in the works while the venue explores smaller ways to generate revenue" (L.A. TIMES, 6/16).