Iowa State Fair increases revenue even with lower attendance

The Iowa State Truthful earned extra income in 2022 than in 2019 regardless of truthful attendance performing beneath pre-pandemic ranges.

By the numbers: In 2022, the truthful gained round $40 million in working income,in accordance with an unaudited report. The bulk got here from concessions ($15M), admissions ($8.8M) and grandstand exhibits ($7.5M).

• That is almost $4 million greater than 2021 and about $6 million larger than 2019, which noticed record-breaking attendance.
• 1.2 million folks attended the truthful in 2019, whereas 1.1 million went final yr.

State of play: The income improve is linked to the return of occasions occurring outdoors of truthful time, Iowa State Truthful CEO Jeremy Parsons tells Axios.

• Round $2.3 million was generated from interim occasions, akin to automobile and ag exhibits, in accordance with the 2022 report.

Plus: Elevated ticket costs and meals prices additionally contributed to extra income.

• In 2022, ticket costs rose $2 in comparison with 2019 and the truthful noticed a rise of $4.2 million in concessions income in 2022 in comparison with 2019.

Sure, however: Whereas income is up, so are working bills — costing $37.7 million in 2022.

The underside line: General, the truthful’s 2022 earnings was $2.2 million. In 2019, it was $800K.

• “It is identical to each different enterprise you are seeing,” Parsons says.”The prices, they went up for labor and provides, then there have been offsetting revenues.”

What’s subsequent: Tickets are up a further $2 for 2023. Advance admission is offered now: $11 for adults, $7 for youths.

• Gate tickets: $16 adults, $10 children.