© 2024
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
An update has been released for the Android version of the WAMC App that addresses performance issues. Please check the Google Play Store to download and update to the latest version.

Study Shows Increased Revenues, Attendance At Cool Insuring Arena

An infographic by Camoin Associates for the Cool Insuring Arena
Camoin Associates
/
WAMC
An infographic by Camoin Associates for the Cool Insuring Arena

A new study examines the economic impact of an arena long at the heart of downtown Glens Falls.

The Cool Insuring Arena, formerly the Glens Falls Civic Center, has anchored downtown Glens Falls since it was constructed in 1979.

But after more than three decades and facing mounting debt, the city of Glens Falls transferred operation of the venue known for ice hockey and concerts to a group of local businesspeople called the Adirondack Civic Center Coalition in 2015.

Now, the arena is back in the black. The updated study by Saratoga Springs-based Camoin Associates shows growth in revenues and attendance over the last three years.

Michael N’Dolo, Vice President of Camoin Associates, says the arena is something special.

“You know, we work all over the country with many different communities. And what’s very clear is that some communities have special assets. They have good brands, they have something that’s exciting about the community and people want to live there. This is one of the reasons that makes Glens Falls unique,” said N’Dolo.

The study shows the Cool Insuring Arena provides about $940,00 in annual tax revenue, up from $780,000 in 2015-2016 and $850,000 in 2016-2017. Annual earnings are now at $4.3 million, up from $3.6 million in 2015-2016.

The study says the arena supports 155 jobs and contributes to an increased quality of life in the region.

Visitors coming to the area spend an estimated $9.2 million in the local economy.

The anchor tenant is the minor league Adirondack Thunder hockey team.

72 percent of all visitors are attending Thunder games, which have seen attendance increase to 208,000 for the- last season, compared to 150,000 in 2015-2016.

The team has done well, too, advancing to the playoffs the last two seasons. 

Cool Insuring Arena Manager Jeff Mead attributes the boost in attendance to upgrades made at the arena. The City of Glens Falls and arena have received $2.7 million in state funding over the last couple years.

“We were fortunate enough to get a couple grants from New York state to upgrade the inside and the outside and inside of the arena, which has been tremendous for our fans’ experience. Mainly Thunder hockey, but we just recently hosted the rodeo, and with the new video board technology the atmosphere has just changed. It’s more professional. It’s more fun,” said Mead.

Mead said he plans to pursue more state funding for the arena. Upgrades to bathrooms and one of the locker rooms are needed.

But the space also includes another venue that needs a “total makeover.”

“Heritage Hall – it’s our banquet room. It’s a 7,000-square foot facility on floor number two. It’s extremely dated and it’s hard to get to. So the goal if we do receive funding would be to have a new exterior entrance that would lead our guests directly into Heritage Hall, like a nice walkway – you’re not winding around like you need to do now,” said Mead.

Another goal: luring back the annual New York state public high school boys’ basketball tournament, which it lost in 2015.

“That’s been a priority since we lost it, to be honest. We’ve gotten two positive votes. There’s one more vote in February which could bring the event back for 2020 to 2022, which is huge not just for the arena, but for the community, for our region,” said Mead.

Lucas Willard is a reporter and host at WAMC Northeast Public Radio, which he joined in 2011.
Related Content