The Wisconsin Center District – which oversees the Baird Center, Miller High Life Theatre and UW-Milwaukee Panther Arena – saw its total operating revenues climb 5.4% to $17 million in 2023, according to recently filed financial statements. Selling naming rights for the Baird Center helped push that total higher, but it’s unclear exactly how much.
$400,000
WCD’s advertising revenues went from $631,267 in 2022 to $1,035,631. The district inked a naming rights deal for the downtown convention center with Baird on March 10, 2023. The deal did not take full effect until May 1 this year. While the Baird deal helped, the figure was also boosted by new, renewed and escalators in existing partnerships, a district spokesperson said.
$41.3 million
Future lease receivables from 2024 onward went from $27.6 million at the end of 2022 to $41.3 million at the end of 2023. Those receivables cover leases of buildings, advertising space and naming rights. Like advertising revenue, the increase wasn’t entirely due to the Baird deal.
Down 2.3%
Rental and labor service revenue in the district decreased 2.3% to just under $5.7 million. Event driven revenue was down in the fourth quarter as some inventory was taken offline to complete the $456 million expansion of the convention center.
Up 13.2%
Net tax revenues increased 13.2% to $46 million, including $10.6 million from the basic room tax, $18.1 million for the additional room tax, $15.1 million from the food and beverage tax, and $3.4 million from the local rental car tax.
$51.2 million
Operating expenses climbed 11.9% to $51.2 million, including $5 million for wages tied to specific events, up 11.8%; $5.1 million for administrative salaries and wages, up 13.6%; and $10.3 million for advertising and promotion, up 44.9%, primarily due to a higher payment to Visit Milwaukee because of higher tax revenues.
