NASHVILLE, TN (WSMV) - COVID is having a big impact on Nashville’s tourism including affecting the revenues and losses at Music City Center.
Music City Center expects to lose nearly $18 million this year on its day to day operations, according to projections by their finance officer. But the picture is even gloomier when you realize they supplement that income with tourist taxes and those are way under projections for the year.
The streets downtown is starting to look a little bit more like they used to with tourists coming to enjoy Music City.
The Music City Center has had 120 groups cancel their conventions. In total, 418,000 conventioneers didn’t come to Nashville, according to MCC’s meeting minutes.
MCC has been losing money for April, May, and June. They were a total of nearly $5 million short of meeting their expenses.
That’s not that unusual because MCC gets most of its income for tourism dollars anyway such as hotel motel fees. Tourists aren’t renting rooms as much and revenue from tourist tax collections are down 74 percent.
There is some debate about the amount of debt service on the Music City Center. Metro’s website lists two amounts- one for principal and one for interest.
A spokesperson for MCC also said they do expect to have to take money from their reserve account and don’t yet know how much.