Posted on 02/13/2025 11:06:35 AM PST by Macho MAGA Man
Interim executive director Ric Grenell has disclosed a dire financial state at the Kennedy Center, America’s leading performing arts venue.
.... Snip....
Ric Grenell, upon taking his new role, shared alarming insights into the financial health of the institution.
On X, he detailed, “I was briefed today by the CFO of the Kennedy Center on its financial situation. She told me there is ZERO cash on hand. And ZERO in reserves. And the deferred maintenance is a crisis.”
He added, “For the past months they’ve been digging into the DEBT RESERVES. We must fix this great institution. The people working hard at the Nation’s premier performing arts center deserve better – and so do all Americans.”
Political commentator Mike Cernovich responded to these revelations by questioning the justification of high executive salaries at the Center, given the financial distress.
“How did the executive team justify their seven and high six-figure salaries? And where did this money go?” he wrote.
(Excerpt) Read more at thegatewaypundit.com ...
The Kennedy Center is not only theaters but a museum which is open to the public 365 days a year from 10am to midnight. It’s a National Cultural Arts museum and center.
And they have been trying to bring in younger people and have been pretty successful in doing so.
When you have multiple theaters I’m one venue—there are over 5 theaters— and you are closed for a 1-1/2 years because of a Covid virus and slow going getting people back into theaters in close proximity to hundreds of other people, you are going to lose money. They also have 2 resturants and 2 retail stores. No customers, no cash flow. Dies anyone here have business knowledge, sheesh.
It started bleeding money when it was closed for almost years during Covid with people reluctant to retire to close quarters even after they re-opened. I’m suprised it stayed back open because it was at least late 2022 to 2023 before they could fill seats.
almost years
I’m sure they, like most other theaters, got huge relief for the Covid lockdowns.
Yes the parking lot full of BMW’s a clue.
The liberals have run this place into the ground, and are mad that Trump wants to revive it.
They did. 25 million. That is not a lot to pay bills on the behemoth buildings that are the KC for years of zero ticket sales.
They had nearly $300M in total revenue in 2023, which is the last year we’ve got their taxes for.
Right. What was it starting in March 2020 going thru 2021 to early 2022? They re-opened on a modified schedule with very few performances andxare still trying to get back the patrons they lost because of Covid.
All it is, is a leftist back-patting facility anyway. Shut it down. Let them rent a private facility in the future for their self-congratulatory awards in the future.
Those of us from the business world know that cold hard cash is king—everything else is just noise.
What does the center do for middle aMEerica? I could care less about it. Shut’er down and let the hoity-toities pull it out of the abyss.
Where did the money go?......................
I agree, Golden Age Trump talks about doesn’t heave to mean spend money on a place only few people choose to go, when so many other things are much more important!
Oh, brother, forgive my mistakes should read “almost 2 years”.
The Kennedy Center is a slab-sided, uninspiring 1970’s shack and should be torn down and replaced with a building in the federal style to fit in with other monuments in D.C.
all commenting it started bleeding money due to covid, if it was shut down 1-1.5 years, did the leaders, staff still collect their portion? Is that where a large part of bleeding went? does the building pay rent/mortgage? if it was shut down there should have been few actual expenses, not much utilities were used, or supplies needing bought, sure a shut down brought no income but it should not have drained everything.
Sorry, I take that back. They misfiled 2022 as 2023.
It was:
2022: about 285M
2021: about 240M
2020: about 130M
2019: about 200M
So these figures aren’t income from ticket sales, resturants, retail, etc. I’m thinking the figures represent donations. David Rubinstein, just fired Chairman and Carlyle billionaire, bankrolled the KC so I’m thinking some of these numbers represent his money. Unless or additionally maybe Biden gave more govt money to them after 2021 and patrons may have paid membership fees. It wasn’t open, no shows, 95% of employees furloughed/fired, donations and govt were only sources of cash, if these figures are correct. Don’t know yet.
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