First on 12: TEE Center to lose more than $900K in first year

By: Chris Thomas Email
By: Chris Thomas Email

Monday, Oct. 15, 2012

AUGUSTA, Ga. -- The TEE Center is set to welcome its first paying group in January and there is still no management agreement. The managers expect to lose $911,511 in the first year.

The Marriott has threatened to cancel the first event if a deal is not reached by the end of the week. Commissioners have raised concerns about not having a cost analysis explaining how much the managers expect to make or lose in the first year of operation.

That document was forwarded to commissioners over the weekend. The managers expect to lose $911,511 in the first year. The Convention Center budget is based only on revenue from the 13 events that have committed to come to the center in 2013. Any revenue from uncommitted conventions has not been included.

The managers expect total sales to top out at $67,126 for the Convention Center. They expect total expenses to top out at $954,329.
The mangers say catering sales will top out at $315,324 with expenses topping out at $339,632.

The managers claim the center will have a $8,667,814 economic impact on the local area. This is a developing story. We will review those estimates in upcoming stories.

Augusta commissioners will tackle the topic during Tuesday's commission meeting.

Click here to see News 12's previous coverage: Russell calls TEE Center 'calculated risk' as operators declare 'no question' it will lose money

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