Hullabalou Festival Loses Five Million Dollars
August 6, 2010 at 8:17 AM (PT)
CHURCHHILL DOWNS INC. is reported to have lost more than $5 million on its three-day HULLABALOU MUSIC FESTIVAL which took place in LOUISVILLE, KY from JULY 23rd to 25th. The company cited hot weather and declines in concert ticket sales nationally for the poor showing. DAVE MATTHEWS, BON JOVI, KENNY CHESNEY, STEVE MILLER BAND, JASON ALDEAN, AL GREEN, ZAC BROWN BAND, THE AVETT BROTHERS and more performed at the festival.
Chief Financial Officer BILL MUDD said they remain committed to holding the event again next year, with some changes. “We will go back and just relook at what worked, what didn’t work and figure out how do we make it a great experience, and (still) be able to make money at the same time,” he said.
MUDD said CHURCHILL officials expected to lose between $2 million and $3 million on the event this year. Organizers had hoped for attendance at the three-day event to reach 90,000 total. The event drew more than 78,000.
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