Pond Loses Money for Sixth Consecutive Year
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The Arrowhead Pond lost $4.7 million in the last fiscal year, Ogden Corp. reported Thursday.
The Pond has lost money in each of its six years of operation. Total losses stand at $29.4 million, according to reports filed with the city of Anaheim by Ogden, the New York company that manages the arena.
Ogden officials say the losses would be stemmed if an NBA team played in the Pond. However, without the basketball team the arena was designed to attract, the city must pay $1.5 million annually to Ogden. That five-year, $7.5-million commitment extends through 2001.
Arena revenue rose from $35 million to $40 million last year, Ogden said.
The Pond features 84 luxury suites and 1,716 club seats. While the luxury suites are sold out, the club seats are not.
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