'Reinvestment' of Bud Gardens being looked at by city

The city will soon consider partnering on a significant reinvestment in Budweiser Gardens to ensure the facility continues to attract major concerts, sporting events and other high-profile events to London.

A report to council’s Corporate Services Committee states, “A draft proposal for reinvestment in the facility that will maintain the arenas competitiveness and will generate additional revenue, will be the subject of a future report for council to review and consider.”

Initial assessments by operator OVG360 suggest that an expansion of the back of house space is required to address a number of current limitations for large events that bring in significant amounts of equipment and technology.

The report also suggests enhancements to the experience for patrons, artists, athletes and performers who play at Budweiser Gardens.

“The result of a renovation may not only maintain the arena competitiveness with other facilities, but it would generate significant increases in revenue,” the report reads.

A draft multi-year proposal is being finalized by OVG360 for city council to consider.

The 2022 season was the 20th for the downtown sports and entertainment venue.

Annually, London receives a share of the net proceeds from the operations of Bud Gardens (minimum payment $50,000), and a share of ticket sales.

A total of 330,000 tickets were sold for 87 events in 2022.

While a significant rebound over the pandemic-impacted seasons in 2020 ($648,000 net income loss) and 2021 ($2.7-million net income loss), the facility’s annual report states a net income loss of $443,000 in 2022.

Therefore, the city received the minimum payment of $50,000 plus $148,034 from ticket sales.

At the end of 2022 there was $322,859.43 remaining on the outstanding debt for Budweiser Gardens.

The final payment will be made in 2023.