Rialto Generating More Revenue For Joliet: Patch Analysis

JOLIET, IL - A few years ago, there was serious talk around Joliet about shutting downtown the Rialto Square Theatre. Nowadays, the 93-year-old theater is vibrant and its management firm, VenuWorks, continues to draw big name acts on a regular basis. These events are filling the seats and generating hundreds of thousands of dollars in profits, a Joliet Patch analysis shows.

The financial data provided to Joliet Patch indicates that the Rialto's events in March and April cost the Rialto about $235,500, generated nearly $565,000 in revenue, constituting a profit margin of nearly $330,000, according to the unofficial figures.

In fact, next Sunday, the Rialto will be rocking once again as Criss Angel Raw: The Mindfreak Unplugged visits Joliet for a 7 p.m. June 2 performance.

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Joliet Patch recently obtained the past two months of financials from the Rialto Square Theater. It's part of our continuing commitment to provide you with more financial transparency than any other news agency in the state of Illinois and in Will County. It's what we do best.

And besides, keeping a close eye on the Rialto's finances is important, given that the Joliet City Council provides a $500,000 annual subsidy to the Rialto.

Here's a rundown of the key highlights from March and April financial statements obtained by Patch. It's also important to note that corporate sponsors may have defrayed a significant portion of the costs for the Rialto to bring these acts to Joliet. The financial summaries also don't account for the overhead costs, which would include line items such as staff salaries and wages, insurance, utilities and other indirect overhead costs.

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9

Number of shows in March and April that generated a profit of at least $16,000.

4

Number of shows in March and April that generated a profit of at least $30,000 but less than $40,000; those events were as follows: comedian Bill Engvall ($38,253) on March 1, Hairball ($32,355) on March 2, the KAR Dance Competition ($35,605) on March 15 and singer Aaron Lewis ($36,539) on March 27.

1

Number of events in March and April that generated a profit topping $40,000. That event occurred on April 12 and it was the Rainbow National Dance Competition. The event cost the Rialto $13,216, it generated $54,494 in revenue and the difference was a profit of a $41,279.

3

Number of weddings held at the Rialto during the months of March and April. All three generated profits of between $6,000 and $8,000 for the Rialto.

The Church Basement Ladies

When it comes to big events, the Rialto aims to draw a profit of at least $10,000. In March and April, only one major event didn't do exceptionally well: The Church Basement Ladies. The April 9 performance cost the Rialto about $7,000 and generated about$10,800 in actual revenue. The Rialto's profit for The Church Basement Ladies was $3,800, which, technically, is in the black, but it's hardly worth celebrating.

Bohemian Rhapsody Movie

Last year, the Rialto began a new monthly movie series, offering everyone $5 general admission seating, for a weekday showing. On March 14, the Rialto played the Oscar-award winning movie, Bohemian Rhapsody. The theater was packed, making it an incredible success. It cost the Rialto about $4,510 but actual revenue topped $16,560. The showing of the movie turned a profit of $12,050.

Billy Idol

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In July, Billy Idol will take the stage at Naperville's popular Ribfest. On March 21, Idol played to a sellout crowd inside the Rialto during a two-man performance with guitarist Steve Stevens. The Rialto was filled with energy and Idol was rocking. The March concert cost the Rialto $29,180 to land Idol and Stevens. Their concert generated $56,232 in revenue, meaning the Rialto turned a profit of $27,052.

Straight No Chaser

At the time of this article, the Rialto did not have all of the expenses tallied related to the April 24 performance of Straight No Chaser. Therefore, we'll include that show's financials in a follow-up article in the coming weeks, when we analyze the Rialto's summer shows including the May 10 "I Left My Heart Tour" performance by Tony Bennett.