|
|
 |
McPier in Deep Financial Hole
Produced by Susie An on Wednesday, November 04, 2009
|
|
The agency that runs Chicago's Navy Pier and McCormick Place is feeling the pinch from the recession.
During a Metropolitan Pier and Exposition Authority board meeting, Chairman John Gates, Jr. said the agency is in a deep financial hole. Published reports say the agency, also known as McPier, estimates a loss of about $34 million in tourism-based revenue at the end of the fiscal year. Operating income has already fallen by more than $4 million during the first quarter.
Chairman Gates says the agency will need to rethink the way it does business to fill the budget shortfall. He says McPier will hold a special meeting in the coming weeks to revise its financial forecasts. The agency relies on tourism-related tax revenue to meet debt obligations. McPier will likely dip into state sales tax revenue this year to make ends meet.
|
|