With the majority of its events postponed or cancelled, Regina Exhibition Association Ltd. (REAL) is facing tough times financially, as COVID-19 continues to prevent large public gatherings.
“We recognize that we lost about 85 per cent of our overall revenue,” REAL CEO Tim Reid said.
“It’s anywhere from two to three million dollars at this time of the year and if we go further into the summer, that could get anywhere as high as four, five, six million dollars a month in lost revenue.”
With its future uncertain, in April alone, events including the Spring Home Show and the First Nations University Spring Powwow have been cancelled.
“We will incur a significant amount of debt just to navigate the next 12 months and we don’t know if our business recovers right away — we are looking at this being a 25- or 27-month cycle,” Reid said.
On Wednesday, Regina city council will hold a special meeting, with one of the items on the agenda addressing REAL’s financial capacity to continue future operations.
“REAL has no capacity to generate any revenue — they’ve been actually shut down completely. In fact, their purpose has now changed into a hospital for the province,” Regina Mayor Michael Fougere said.
Reid said the ITC building is being slated for a field hospital and REAL needs to be operationally ready if and when that becomes a reality.
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“Right now, the City of Regina, who is our owner and shareholder essential, has to approve any of our debt. Historically, they approved $13 million in accessibility for us,” Reid said.
“We’ve come back to the city and asked to make all of that available for operating us as this time. There seems to be, in principle, support from administration — we’re hoping to see the same from council.”
As for the CFL’s announcement about postponing the start of its regular season, Reid said it’s understandable, but he’s hopeful Mosaic Stadium will still see a few Saskatchewan Roughrider wins.
“We also realize there are a lot bigger questions around it and frankly more complex issues than football games or hockey games or concerts these days,” Reid said.
“We’d like to get back to business as soon as it’s reasonable and safe to do so, so I’m optimistic we are going to see some activities before this year comes to a close.”
Even though no layoffs have been announced, Reid said the full tale of how big a hit the association will take will only be told once social distancing measures lift.
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Questions about COVID-19? Here are some things you need to know:
Health officials caution against all international travel. Returning travellers are legally obligated to self-isolate for 14 days, beginning March 26, in case they develop symptoms and to prevent spreading the virus to others. Some provinces and territories have also implemented additional recommendations or enforcement measures to ensure those returning to the area self-isolate.
Symptoms can include fever, cough and difficulty breathing — very similar to a cold or flu. Some people can develop a more severe illness. People most at risk of this include older adults and people with severe chronic medical conditions like heart, lung or kidney disease. If you develop symptoms, contact public health authorities.
To prevent the virus from spreading, experts recommend frequent handwashing and coughing into your sleeve. They also recommend minimizing contact with others, staying home as much as possible and maintaining a distance of two metres from other people if you go out.
For full COVID-19 coverage from Global News, click here.
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