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The Annual Report presents updates from the 2023-2024 fiscal year on fund performance, major projects and challenges for a few of Portland's largest venues, and for the Spectator Venues program overall. Photo credit: Jason Quigly
Program and Fund Overview
The Spectator Venues and Visitor Activities Program oversees City-owned spectator and performing arts facilities and supports City travel, tourism and visitor development efforts. Program staff work with third-party operators on maintenance, capital improvements and financial planning. Staff also perform travel and tourism liaison duties, contract administration, debt service management and special projects related to promotion of popular City destinations.
MISSION STATEMENT
Contribute to Portland’s economic and cultural vitality by developing and managing first-class spectator and performing arts facilities and by supporting a robust travel and tourism industry in the city, region, and state.
Fund Performance (2023-2024)
Primary Revenue Sources
- VFTA: 3%
- Parking: 24%
- User fees: 57%
- Other: 16% (rents/reimbursements + interest)
- Total: 100%
Financial Performance
- Beginning fund balance: $20,137,464
- Revenue: $14,582,289
- Net bond proceeds: $53,711,567
- Expenses: $(12,293,151)
- Ending fund balance: $76,138,169
The fund balance increase is mostly attributable to $53 million of restricted bond proceeds for the Veterans Memorial Coliseum renovation.
View the data table for the fund performance chart in footnote [1].
Providence Park Stadium
About
Built by the Multnomah Athletic Club in 1926 and acquired by the City in 1966 as a multi-purpose stadium, Providence Park is home to the Major League Soccer Portland Timbers and National Women’s Soccer League Portland Thorns. This beloved stadium has also hosted a variety of other events including concerts, youth camps, ultimate frisbee leagues and business events. The Stadium is operated by Peregrine Sports, LLC under the terms of a long-standing agreement.
By the numbers
- Events: 33, including Timbers and Thorns
- Tickets sold: 625,801 (not actual attendance)
Photo: Portland Timbers play in front of a large crowd under the lights at Providence Park.
Major Projects
The City facilitated the return of Summer Concerts to Providence Park, which began in August 2024. To support this effort, operators collaborated with the City to modify the south stands, enabling construction of a temporary stage required for concert events. Mitigation measures were also implemented to address an ongoing groundwater issue. Earlier in the year, an unexpected extreme freeze caused significant damage, primarily due to frozen pipes.
Portland'5 Centers for the Arts
About
Overseen by the Metropolitan Exposition and Recreation Commission and operated by Metro, the Portland’5 Centers for the Arts consists of five theaters in three separate City-owned buildings in downtown Portland: the Arlene Schnitzer Concert Hall, Keller Auditorium, and Antoinette Hatfield Hall which houses the Brunish, Newmark and Winningstad theatres. Portland’5 brings over 700 music, theater, dance and lecture performances to Portland annually. The five venues draw over 700,000 patrons to downtown Portland’s Cultural District and generate an average of $77.5 million in total spending every year.
By the numbers
- Events: 789
- Tickets sold: 801,510
Photo: Audiences at Portland’5 venues frequently show their love for performers onstage. Credit: Jason Quigly
Major Projects
In FY 2023-2024, program staff continued their work with Metro and community partners to advance plans to renovate and/or replace the aging Keller Auditorium. The existing auditorium is included on the City’s list of unreinforced masonry buildings and will require major work to continue serving the community long into the future. The challenges the building faces are detailed in the 2020 Keller Seismic Report.
During 2023 and 2024, the City worked with community partners to develop conceptual plans for two options: a renovation as well as a replacement of the Keller Auditorium. A series of public meetings and City Council resolutions guided the City to explore a new theater at nearby Portland State University and a renovation of the existing Keller Auditorium.
As of fall 2024, both projects were being developed, and a feasibility study was in the works to better understand the community’s performing arts venue needs. More information on this exciting project can be found at the Office of Arts and Culture's Keller Auditorium website.
Veterans Memorial Coliseum (VMC)
About
Opened in 1960, the Veterans Memorial Coliseum (VMC) is a historic, multi-purpose arena located on the Rose Quarter Campus. The VMC serves as the primary home for the Western Hockey League Portland Winterhawks and was the original home of the Portland Trail Blazers. For the past 64 years, the VMC has hosted a wide range of events, including concerts, family shows, amateur sports, community events, the Grand Floral Parade, graduations, and – starting in 2024 – a rodeo. The building is operated by Rip City Management and continues to play a vital role in Portland’s history and community life.
By the numbers
- Events: 117
- Tickets sold: 347,444
Photo: The Portland Winterhawks dominate the ice at a home game at the VMC.
Major Projects
In 2023-2024, the City ramped up for the first major renovations to the Coliseum in its history.
The building was closed from mid-June through mid-September 2024 for the first round of construction. The arena will close for further construction in summer 2025. When the work is complete in 2026, the building will have all new restrooms, all new seats, dramatically improved rigging systems, new electrical systems, group seating areas, full ADA compliance and many other sorely needed upgrades. The project is funded primarily with more than $54 million in bonds backed by dedicated tourism facility resources from the Visitor Facilities Intergovernmental Agreement.
Also this year, the City worked with Rip City Management to replace the Rose Quarter Plaza waterproofing system and implement security upgrades at the City-owned parking garages – including additional lighting, cameras, new fencing and access gates.
Initiatives
Rose Quarter Bridge Agreement and Moda Acquisition
Following the expiration of the initial term of the Rose Quarter agreements, the City Council approved a Resolution and a Term Sheet for a Bridge Agreement with the Portland Trail Blazers and Rip City Management in February 2024. The agreement will keep the Blazers home at the Moda Center through at least the 2029-2030 season. The Term Sheet includes transferring ownership of the Moda Center to the City, and requires the City and Rip City Management to jointly invest in capital projects at the 30-year-old arena.
Approval of the Term Sheet was the first step in executing the new Arena Operating Lease for approval by the parties in Summer 2024. The City and the Portland Trail Blazers also agreed to work together in the coming months and years to seek additional funding for a major renovation of the Moda Center. Securing additional funding partners is critical to developing a long-term agreement to keep the team at the Rose Quarter.
Women's National Basketball Association (WNBA)
Portland pursued conversations with prospective WNBA franchise ownership groups in 2023 and 2024. The availability of a renovated VMC to serve as a temporary home if the Moda Center is closed for renovations was critical in securing the eventual announcement of the new franchise from the league.
Tourism Improvement District Changes and Travel Portland Contract Renewal
In December 2023, at the request of travel and tourism industry representatives, the City Council approved changes to the Tourism Improvement District. The changes will provide long-term funding certainty for Travel Portland by making the full 3% Tourism Improvement District Fee permanent.
In May 2024, at the request of Travel Portland, the City Council approved a new five-year contract with Travel Portland that reflects these changes and the ongoing funding for travel, tourism, convention promotion and marketing activities. This funding is critical to continue Portland’s recovery from pandemic-associated declines.
Government transition
On July 1, 2024, the City of Portland took the first major step in implementing charter reform, creating a new City Administrator position to oversee City operations and six service areas overseen by Deputy City Administrators.
As part of this transition, the City formed a new Office of Arts and Culture housed in the Vibrant Communities Service Area. City oversight of the Portland’5 Centers for the Arts facilities and relationship with Metro, as well as the Metropolitan Exposition and Recreation Commission was moved into the new Office of Arts and Culture.
The Spectator Venues Program, housed in the Community and Economic Development Service Area, continues oversight over Providence Park Stadium, the Rose Quarter and travel and tourism responsibilities.
Program Challenges
In 2023-2024, the City’s travel and tourism industry struggled in the wake of the COVID-19 pandemic compared to peer markets. Hotel occupancy, room rates, and Convention Center bookings remained below peak-2019 levels, resulting in revenue loss from transient lodging taxes. These taxes fund the Visitor Facilities Trust Account, which provides funding for capital improvements and operating support for the Oregon Convention Center, Expo Center, Providence Park Stadium and the Rose Quarter. Continued weakness in the market results in additional deferred maintenance at the venues.
All the venues overseen by the program are aging and will require increasing investment to continue to serve the community. Some venues, like the Keller Auditorium, are rapidly approaching the end of their useful lives, and others are not far behind. The City does not currently have the resources to fully meet these looming capital expenditures and additional resources, both public and private, will need to be found in the coming years to keep facilities operating safely and efficiently.
[1] Financial Performance Data Table (2015-2023)
| Financial Performance Category | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | Projected 2024-2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $ 11,398,727 | $ 11,420,708 | $ 12,085,158 | $ 12,436,250 | $ 9,669,139 | $ 2,172,209 | $ 10,338,317 | $ 12,908,853 | $ 14,950,721 | $ 13,989,195 |
| Expenses | $ 11,097,259 | $ 12,078,477 | $ 9,209,830 | $ 7,350,487 | $ 6,270,596 | $ 8,850,110 | $ 7,407,443 | $ 7,696,286 | $ 11,211,582 | $ 16,437,588 |
| Fund Balance* | $ 7,970,062 | $ 7,312,293 | $ 10,187,621 | $ 15,273,384 | $ 18,671,927 | $ 11,994,024 | $ 14,924,898 | $ 20,137,464 | $ 23,876,603 | $ 21,428,210 |
*The 2023-2024 fund balance excludes bond proceeds and expenses related to the ongoing Veterans Memorial Coliseum renovation project.