Regina Exhibition Association struggling to keep afloat financially, report says
CTV
The Regina Exhibition Association (REAL) will likely be unable to meet its financial obligations by September if city council doesn't clear the way for it to take on more debt, according to a report from city administration.
The Regina Exhibition Association (REAL) will likely be unable to meet its financial obligations by September if city council doesn't clear the way for it to take on more debt, according to a report from city administration.
The report says that REAL is expected to have a negative cash flow of $6.9 million by September and its approved line of credit will be maxed out.
According to the report, REAL's "limited cash reserves" were drained following the onset of the COVID-19 pandemic and a slower-than-anticipated recovery.
The organization, which manages numerous facilities including the Brandt Centre and Mosaic Stadium has been hard hit by low attendance numbers and has struggled to attract events to the city, the report says.
"REAL continues to be impacted by low attendance numbers and attracting events to Regina," the report read.
"REAL advises that coming out of COVID there have been challenges securing entertainment due to aggressive competition from other organizations using financial incentives and other measures to attract events."
City administration is asking council to approve an additional $3.4 million of debt for REAL to help pay its bills through the end of 2023.
