By: Diane Benjamin
I’ve been writing about the Coliseum and the lies media repeats for years!
CIAM and VenuWorks created their own financial statements. Every local media uses their numbers and repeats them like gospel. Both can say anything they want in those statements – they create them.
Numbers reported by both are not accurate, both presented losses that were less than the actual losses.
WGLT is the latest to play “pretend” in reporting.
Quotes: (the grammar is theirs)
Steep operating losses have continued under VenuWorks. The arena posted an operating loss of $667,349 last year. It’s lost another $226,967 in the first half of this fiscal year (May-October 2018). Those losses are in addition to the $1.4 million in annual debt payments the city is paying off for the original construction of the arena.
Media: Maybe if I say it slower you will get it.
The . . .only. . . numbers. . .that. . .matter. . .are. . .the. . .audited. . .financial. . . statements.
VenuWorks, like CIAM, can report any numbers they want, it doesn’t make them truth.
The auditors (the City pays a lot of money to) says the Coliseum loss last year was: PDF page 6 http://www.cityblm.org/Home/ShowDocument?id=20285
Since everyone wants to pretend depreciation isn’t an operating expense, without that included ($1,108,935) the loss is still $1,059,599!
WGLT: The loss was not $667,349!
BTW, the City is paying the bonds from the General Fund, even though the place was sold to the public at earning enough to pay the construction costs before it was built. The $1.4 million WGLT reported may or may not be correct. I’ve always heard they are around $2 million a year.
So why is every media outlet lying to you?
- they are lazy
- hiding the truth
- not intelligent
- want to deceive you
- the City threatened them
The real loss last year is close to $400,000 more than anybody ever reports. I call that #FakeNews.
What other #FakeNews are they telling? We are supposed to believe everything else is accurate?
Nobody is going to be buying the place – another quote: