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The Annual Report presents updates from the 2024-2025 fiscal year on fund performance, major projects and challenges for a few of Portland's largest venues, and for the Spectator Venues program overall.
Program and Fund Overview
The Spectator Venues and Visitor Activities Program oversees City-owned spectator 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 venues and by supporting a robust travel and tourism industry in the city, region, and state.
Spectator Venues & Visitor Activities Fund Performance (2024-2025)
Primary Revenue Sources
- VFTA: 3%
- Parking: 22%
- User fees: 60%
- Other: 14% (rents/reimbursements + interest)
- Total: 100%
Financial Performance
- Beginning fund balance: $76,138,168
- Revenue: + $17,754,880
- Expenses: - $19,592,016
- VMC Renovation Project: - $28,670,039
- Ending fund balance: $45,630,993
The beginning fund balance includes $56 million in bond funding and interest for the Veterans Memorial Coliseum renovation. Of that amount, $24 million remained unspent and is part of the $45.6 million ending fund balance. These remaining bond funds are expected to be fully spent by FY 2026–2027, completing this renovation.
* The 2023-24 and 2024-25 fund balances exclude bond proceeds and expenses related to the ongoing Veterans Memorial Coliseum renovation project.
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, Providence Park is home to the Major League Soccer Portland Timbers and National Women's Soccer League Portland Thorns. This beloved multi-purpose stadium has also hosted a variety of events beyond soccer, including college football, concerts, youth camps, ultimate frisbee leagues and corporate events. The Stadium is operated by Peregrine Sports, LLC under the terms of a 25-year Operating Agreement that runs through 2035. Peregrine Sports has worked hard to improve the environmental performance of stadium operations. Providence Park maintains a LEED (Leadership in Energy and Environmental Design) Gold® certification.
By the numbers
- Events: 43, including Timbers and Thorns
- Tickets sold: 717,910
Photo: Portland Timbers play in front of a large crowd under the lights at Providence Park.
Major Projects
The City worked with the Stadium operator to plan for a turf field replacement in winter 2025-2026. As with any aging building, the planning for a variety of ongoing maintenance needs is also underway. The Stadium's 100th anniversary will take place in 2026.
Rose Quarter
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 65 years, the VMC has hosted a wide range of events, including concerts, family shows, amateur sports, community events, the Grand Floral Parade, graduations and a rodeo. The building is operated by Rip City Management and continues to play a vital role in Portland's economic and community life.
By the numbers
- Events: 96
- Attendees: 300,156
Note: VMC was closed for renovations for four months during FY 24/25, impacting event numbers and attendance.
Major Projects
By fall 2025, the major renovations to the VMC will conclude with a building reopening planned for mid-October. The project is funded primarily with ~$56 million in bond proceeds, including interest earned. The bonds are backed by dedicated tourism facility resources from the Visitor Facilities Intergovernmental Agreement.
Once the renovations are complete, 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 needed upgrades.
The Spectator Venues Program is also responsible for oversight over Americans with Disabilities Act (ADA) improvements made to City-owned venues. The renovations created an excellent opportunity to implement many of the much-needed ADA improvements to the VMC, code-compliant door hardware and accessible restrooms.
Moda Center
About
Opened in 1995, the privately funded Rose Garden Arena (now Moda Center) is a multi-purpose arena that is home to the NBA Trail Blazers basketball organization. In addition to basketball, the Moda Center hosts a large variety of entertainment events, from concerts to family shows, to comedy. Like the VMC, the building is operated by Rip City Management.
By the numbers
- Events: 153
- Attendees: 1,339,100
Major Projects
Operationally, Rip City Management is working with the City of Portland to replace the center-hung scoreboard as well as install new endzone video boards. These improvements will be operational for the start of the 2025-26 NBA season.
Initiatives
Rose Quarter Bridge Agreement and Moda Acquisition
With the initial term of the original Rose Quarter lease agreements set to expire in fall 2025, the City Council approved a Bridge Agreement with the Portland Trail Blazers and Rip City Management in Summer 2024 that will keep the Blazers playing at the Moda Center through at least the 2029-2030 season. Among other things, the Term Sheet included transferring ownership of the Moda Center to the City and requires the City and Rip City Management to jointly invest in sustaining capital projects at the 30-year-old arena.
The City and the Portland Trail Blazers also agreed to work together in the coming months and years to seek additional funding needed for Moda Center renovation . Securing additional funding partners is critical to developing a long-term agreement to keep the team at the Rose Quarter.
Rose Quarter Operations
The Rose Quarter continues to make waves in environmental leadership in operations of large sports and entertainment venues. The City has been proud to partner with Rip City Management, Rose Quarter operator, to offer free electric vehicle charging to parking event patrons. During this fiscal year, we offered 1733 individual vehicle charging sessions and over 11,825 kWh of charging power to visitors. This is equivalent to powering an average U.S. household for over a year (Source: US Energy Information Administration).
Under Rip City Management's leadership the Rose Quarter facilities have become models of environmental performance including LEED (Leadership in Energy and Environmental Design) certifications. In 2019, Moda Center became the first large arena to be awarded LEED Platinum® status and the VMC achieved LEED Gold Status® in 2023.
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 in the event Moda Center is closed for renovations was a key factor in securing the eventual announcement of the new franchise from the league.
The Portland Fire will tip off their season in 2026.
Program Challenges
The City's travel and tourism industry continues to struggle compared to peer markets in the wake of the COVID-19 pandemic: hotel occupancy and room rates remained below peak 2019 levels, and convention center bookings are not as strong as they could be. This translates to less revenue collected through transient lodging taxes. These taxes fund many things, including the Visitor Facilities Trust Account. The Visitor Facilities Trust Account is an important source of funding for capital improvements and operating support for important public regional facilities, including the Oregon Convention Center, Portland'5 Centers for the Arts, Expo Center, Providence Park Stadium, and the Rose Quarter. Continued weakness in the market puts strain on the venues and results in additional deferred maintenance.
All the venues overseen by the program are aging and will require increasing investment in the years ahead to continue to serve the community as they have for so many years. Some venues, like the Moda Center, need major investments to remain competitive in the professional sports market. 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 (2015-2025)
| Financial Performance Category | 2015-2016 | 2016-2017 | 2017-2018 | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 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 | $ 16,838,412 |
| 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 | $ 19,592,016 |
| 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 | $ 21,122,999 |