Steven Tanger Center is making Greensboro a boatload of money while not taxing residents at all (2024)

THE HOBBIT TRILOGIES. BACK HERE IN THE TRIAD, LEADERS AT THE TANGER CENTER SAY THE VENUE IS A MONEY MAKER. IT OPENED THREE YEARS AGO AFTER THE PANDEMIC DELAYED THE OPENING FOR MORE THAN 500 DAYS. BILL O’NEIL JOINS US NOW IN GREENSBORO WITH THE STORY. NO SURPRISE THAT TANGER IS SUCCESSFUL, BUT TODAY, FOR THE FIRST TIME, WE LEARNED THAT NOT ONLY IS THE DOWNTOWN COMMUNITY MAKING MONEY OFF OF THIS VENUE, SO IS THE CITY WE’VE HAD OVER A MILLION PEOPLE ATTEND EVENTS HERE IN JUST THAT, THREE SEASONS THAT WE’VE HAD SO MANY VISITORS THAT RETIRING DIRECTOR MATT BROWN SAYS TANGER IS REPLACING THE CARPET AT THE POPULAR GREENSBORO VENUE. THE MUSICAL PERFORMANCES, COMEDY SHOWS AND BROADWAY THEATER COMBINED TO GIVE THE CITY A SURPLUS THREE CONSECUTIVE YEARS, WITH REVENUES EXCEEDING OPERATING EXPENSES BY OVER $1 MILLION. BROWN REPORTS A $1.1 MILLION PROFIT IN THE FIRST YEAR, 1.3 MILLION IN THE SECOND, AND A PROJECTED $1.5 MILLION PROFIT. THIS YEAR. GOOD NEWS, ESPECIALLY FOR THE PRIVATE MANAGEMENT COMPANY TAKING OVER TANGER JULY 1ST. THE BENCHMARK HAS BEEN SET. I MEAN, YOU LOOK AT THOSE EARNINGS, YOU KNOW, THESE THESE TYPE OF VENUES GENERALLY DO NOT MAKE MONEY. NOT ONLY DID TANGER MAKE MONEY, IT SPENT MORE THAN $1 MILLION ON ITS DEBT SERVICE AS WELL AS ITS CAPITAL AND OPERATING RESERVE, AND AMONG PLANS TO IMPROVE THE VENUE, THE BATHROOMS, THE LARGEST WOMEN’S RESTROOM IN AMERICA, IS RIGHT BEHIND YOU. FOR FOUR STALLS, THE CITY’S MAYOR REMINDS EVERYONE THAT TANGER DIDN’T COST TAXPAYERS A DIME. DONORS PAID HALF OF THE PRICE FOR THE NEARLY $100 MILLION PROJECT, WHILE A COMBINATION OF TICKET PRICES, PARKING FEES AND A HOTEL ROOM TAX PAID THE OTHER HALF. SO WE WERE ABLE TO ACHIEVE THIS WITHOUT OUT DOING IT ON THE BACK OF THE TAXPAYERS. AND I THINK THAT IS SO INCREDIBLY IMPORTANT. UP NEXT WITH SEASON FOUR OF THE BROADWAY SERIES, IT KICKS OFF NEXT YEAR WITH BACK TO THE FUTURE. IT INCLUDES A MICHAEL JACKSON SHOW, AND HAMILTON COMES BACK IN GREENSBORO. I’M BI

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Tanger Center is making Greensboro a boatload of money while not taxing residents at all

Bill O'Neil

Reporter

By JD Franklin III

The Tanger Center has been massively successful, but Tuesday is the first time the public learned that not only is the downtown community making money off the venue but the city of Greensboro overall.Matt Brown, the Director of the Greensboro Coliseum and Tanger Center, said, “We’ve had over a million people attend events here in just the three seasons.”Top StoriesStandoff at The Grape Escape Vineyard, suspect found dead after officer-involved shooting, Davidson County deputies say'I don't know how hurt I am': 911 calls reveal more details in two separate collisions involving Davie County Sheriff's Office sergeantTropical System Nears Texas & Mexico, Storm May Become AlbertoGet the latest news stories of interest by clicking hereSo many visitors that Brown, who is retiring, said Tanger is having to replace the carpet.The musical performances, comedy shows, and Broadway tickets combine to give the city a surplus.Brown reported a $1.1 million profit in the first season, $1.3 million in the second season, and a projected $1.5 million this year.This is great news, especially for the private management company taking over Tanger on July 1.Keep up with the latest news and weather by downloading the WXII app here.Peter Luukko, co-chair of Oak View Group, said “The benchmark has been set. I mean, you look at those earnings, but these types of venues generally do not make money.”Not only did Tanger make money, it spent more than $1 million of its debt service, as well as its capital and operating reserve. There are several plans to improve the venue, including updating the bathroom.Greensboro Mayor Nancy Vaughan also reminded everyone that Tanger didn’t cost taxpayers any money at all.Watch: NOWCAST streaming newscastsDonors paid half the price for the nearly $100 million project, while a combination of ticket prices, parking fees, and a hotel room tax paid the other half.Up next, The Broadway Series kicks off with Back to the Future, MJ: The Musical, and Hamilton.NAVIGATE: Home | Weather | Watch NOWCAST TV | Local News | National | News We Love |TRENDING STORIES

Matt Brown, the Director of the Greensboro Coliseum and Tanger Center, said, “We’ve had over a million people attend events here in just the three seasons.”

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