Debt climbs to more than $2 million

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October 31, 2006

By Jane Smith The Meadville Tribune Tue Oct 31, 2006, 10:43 PM EST

11/01/06 — Conneaut Lake Park went in debt another $225,000 this year, taking the total amount of money it now owes from $1.9 million at the beginning of the year to $2.160 million.

A financial report filed Tuesday in the Crawford County Prothonotary’s Office shows the park’s loss from Jan. 1 to Oct. 15, which includes unpaid real estate taxes of $37,472.48.

The loss total may change by the end of the year when revenues are recorded from Sept. 16 through Dec. 30, according to LeRoy Stearns, court-appointed overseer.

“We projected a 15- to 20-percent loss in revenue because of the weather,” said Stearns, noting projected losses for Labor Day alone were $100,000 because of the rainy weather.

“At the beginning of the year, we hoped to make money or least break even,” he said. “By July, we realized if we broke even we would be doing well.” He is hopeful once the end-of-the-year receipts are totaled and the inventory is taken, it may show a brighter picture.

The figures don’t take into account any value of inventory of unsold items, such as gift items or food and alcohol.

In addition to the lost revenue, the park had approximately $137,000 in emergency repairs that were paid this year, said Stearns. Had those problems not surfaced, the park may not have had a loss, he said, but noted you can “always say ‘if.’ ” He said, however, reality is those factors have to be included.

Total income to date for 2006 is $1,987,791.47.

In 2004, the income from Jan. 1 through Nov. 17 was $2.4 million. However, that included income of $240,705 from the Beach Club.

Since the report was prepared, the park has received money from Pumpkin Fest and hotel rentals during that weekend as well as other income from Elizabeth’s Restaurant that hasn’t been included.

Based on the numbers in the report, profits for the year to date were from Camperland, midway food, picnics, rides, parking, games and Hotel Conneaut.

Losses were experienced in Elizabeth’s Restaurant and Spirits Lounge (both in the hotel), Dreamland Ballroom and the water park. However, the latter is misleading as income was based solely on individual tickets for that ride. Others who enjoy the water park do so with combination ride wrist bands, which weren’t factored into the income for the water park.

Among profits are:

–– Camperland, $85,649.43.

–– Midway foods, $149,189.80

–– Picnics, $78,960.64.

–– Rides and parking, $313,882.96, of which $53,270.12 was income from parking.

–– Games, $31,303.56. This number will increase as the cost of prizes still in inventory isn’t listed. The park spent $26,044.65 for prizes and some are still on hand.

–– Hotel Conneaut, $90,428.

Among losses shown are:

–– Elizabeth’s Restaurant and Spirits Lounge, $198,818.06. This loss could be reduced, however, in that no inventory was taken showing how much food and alcohol is on hand.

–– Dreamland Ballroom, $6,829.79,

Stearns said two areas that the park took back over this year to operate on its own rather than lease to private operators showed a profit — Camperland and the games. The park also took over the gift shop, which had expenses of $56,847.35 and income of only $54,122.14, meaning it showed a loss.

However, the gift shop also has inventory on hand, which must be calculated into the total cost.

Last year, the park leased Camperland for $25,000 and the midway games for $40,000.

The park leases the Beach Club and Down Under to Conneaut Concessions for $70,000 plus a percentage of all sales after a predesignated sales level is reached. To date, the park has received $77,600 from that contract.

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