Stockton Complex
Council Audit Committee Meeting
A u g u st 17, 2026
Agenda Item 3.1
Stockton Complex P&L by Venue
2 The table below highlights Fiscal Year 2026 operating performance at the Stockton Complex, and includes the four (4) facilities broken out on their own, as well as Total Complex figures.
Adventist Health Arena Bob Hope Theatre Oak Park Ice Rink Banner Island Ballpark Total Complex FY26 FY26 FY26 FY26 FY26
Event Days 82 49 n/a 69 200
Attendance 196,788 38,786 n/a n/a 235,574
Net Revenues
Net Event Revenue 1,162,822$
446,639$
-$ 69,
000$
1,678,461$
Net F&B Revenue 1,634,317$
527,025$
-$ -$ 2,
161,342$
Net Sponsorship 415,630$
-$ 4,
360$
-$ 419,
990$
Net Other Revenue 426,231$
87,334$
695,979$
176,489$
1,386,033$
Total Net Revenue 3,639,000$
1,060,998$
700,339$
245,489$
5,645,826$
Expenses
Wages & Benefits 1,946,862$
742,352$
676,475$
410,391$
3,776,080$
Utilities 1,051,092$
106,969$
369,217$
345,581$
1,872,859$
Repairs & Maintenance 122,995$
44,816$
38,437$
100,973$
307,221$
Net Other Expenses 1,910,272$
116,116$
102,369$
210,203$
2,338,960$
Total Net Expenses 5,031,221$
1,010,253$
1,186,498$
1,067,148$
8,295,120$
Surplus (capital approved projects) 25,403$
-$ -$ 77,
105$
102,508$
Venue NOI/NOL (1,366,818)$
50,745$
(486,159)$
(744,554)$
(2,546,786)$
City of Stockton Parking Revenues 935,000$
-$ -$ -$ 935,
000$
Adjusted Venue NOI/NOL (431,818)$
50,745$
(486,159)$
(744,554)$
(1,611,786)$
*Parking Revenues are directly tied to events hosted at the Stockton Complex, but are not a part of the venue’s revenue streams.
Arena Adjusted Gross Revenue Growth
$1.18
$1.41
$2.34
$3.20
$3.42
$2.36
$3.64
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
FY18 FY19 FY22 FY23 FY24 FY25 FY26
Adjusted Gross Revenue (in millions)
Annual Adjusted Gross Revenue Growth at Adventist Health Arena
KEY TAKEAWAYS
• In FY26, Adventist Health Arena achieved a new venue
hi
gh in adjusted gross revenue, growing 6% from the prior high seen in FY24.
• A softer FY25 correlates with many trends that have been s
een across the industry, with overall event volume at
arenas decreasing in 2025 and 2026 compared to
industry highs that were seen in 2023 and 2024.
• Multiple revenue streams increased to record levels in F
Y26, including Net Event Revenue and Net F&B
Revenue, both improving from previous highs seen in
FY24.
*Chart excludes Covid impacted years 3
Arena Event Revenue Growth
KEY TAKEAWAYS
• From 2022 to 2026, F&B Per Caps have grown annually by approximately 3%
• Legends’ best in class ticketing agreement provides a higher share of ticketing fee revenues to the venue,
contributing to the Arena’s increased net event income. • Legends recently negotiated a renewed ticketing
agreement, which will further improve the arenas share
of ticketing fee revenues. At Adventist Health Arena, the estimated incremental annual impact is ~$56k, a 4%
improvement over the previous deal.
• From 2022 to 2026, Avg. Net Event Income has grown
annually by approximately 4%
*Figures reflect revenues from Concerts, Family Shows, and Non-Tenant Sporting Events. $69,267
$90,153
$105,679
$54,771
$79,639
$-
$25,000
$50,000
$75,000
$100,000
$125,000
Avg. Net Event Income by Year
2022 2023 2024 2025 2026
$11.77 $12.39
$15.26
$12.90 $13.24
$-
$5.00
$10.00
$15.00
$20.00
F&B Per Cap by Year
2022 2023 2024 2025 2026
4 Arena Subsidy Improvement
*Gray bar represents annual City of Stockton Parking Revenues, with “Adj. ” totals representing Adjusted Venue NOI/NOL figures. $(2.25)
$(2.69)
$(1.86)
$(1.28) $(1.31)
$(2.72)
$(1.37)
$(3.00)
$(2.50)
$(2.00)
$(1.50)
$(1.00)
$(0.50)
$-
FY18 FY19 FY22 FY23 FY24 FY25 FY26
Venue NOI/NOL (in millions)
Net Operating Improvement at Adventist Health Arena
KEY TAKEAWAYS
• Chart highlights improved Net Operating Income at
Adventist Health Arena, excluding years impacted by
Covid (2020, 2021).
• In FY26, Adventist Health Arena performance improved
dramatically following a softer FY25, with City of Stockton Parking Revenues increasing by 6%, and Adjusted Venue
NOI/NOL improving by more than $1.4M
• Legends has improved bottom line performance at
Adventist Health Arena by approximately $500k since
FY22.
$747k
$(.53)
Adj.
$(.26)
Adj.
$1.05M
$615k
$(1.24)
Adj.
$552k
$(2.14)
Adj.
$880k
$(1.84)
Adj.
$935k
$(.43)
Adj.
5 Arena P&L Comparison
The above comp table highlights FY 2025 and 2026 operating performance at four (4) Legends managed arenas with similar capacities and market conditions to Adventist Health Arena.
Adventist Health Arena Comp #1 Comp #2 Comp #3 Comp #4
FY26 FY26 FY26 FY25 FY25
Capacity 8,400 9,000 7,000 6,500 6,000
Region Northwest Midwest Midwest Northwest Northeast
Net Revenues
Net Event Revenue 1,162,822$ 309,475$ 516,485$ (133,274)$ 385,162$ Net F&B Revenue 1,634,317$ 723,894$ 620,382$ 1,497,723$ 1,093,245$ Net Sponsorship 415,630$ 125,000$ 43,583$ 505,249$ 53,996$ Net Other Revenue 426,231$ 698,104$ 307,093$ 1,242,572$ 1,246,433$ Total Net Revenue 3,639,000$ 1,856,473$ 1,487,543$ 3,112,270$ 2,778,836$ Expenses
Wages & Benefits 1,946,862$ 1,361,981$ 1,130,699$ 2,124,088$ 1,495,153$ Utilities 1,051,092$ 634,854$ 279,992$ 654,789$ 745,237$ Repairs & Maintenance 122,995$ 210,278$ 14,136$ 206,454$ 183,380$ Net Other Expenses 1,910,272$ 776,762$ 825,933$ 2,079,870$ 866,955$ Total Net Expenses 5,031,221$ 2,983,875$ 2,250,760$ 5,065,201$ 3,290,725$ Surplus (capital approved projects) 25,403$ -$ -$ -$ -$ Venue NOI/NOL (1,366,818)$ (1,127,402)$ (763,217)$ (1,952,931)$ (511,889)$ Parking Revenues 935,000$ 310,305$ -$ 72,795$ -$ Adjusted Venue NOI/NOL (431,818)$ (817,097)$ (763,217)$ (1,880,136)$ (511,889)$ 6 Regional Comp Set Trends: Arenas
158
225 219
182
0 50
100
150
200
250
2023 2024 2025 2026 Pace
Total Events
Regional Arena Comp Set: Annual Events
20 19
16 18
0 5
10 15
20 25
2023 2024 2025 2026 Pace
Total Events
Adventist Health Arena: Annual Events
KEY TAKEAWAYS
• Across Adventist Health Arena’s regional arena comp set, total event volume in 2026 is pacing 10% below the 2023– 2025 average.
• Adventist Health Arena is pacing right at its own historical norm of 18 events, withstanding the broader regional dip in 2026 content volume.
• Overall arena content is down 2% vs. this time last year and down 13% vs. 2024, with mid-sized arenas being hit
the hardest.
• These trends make the 2026 performance of Adventist
Health Arena even more of an outlier, as the venue is not seeing the dip in overall content that mid-sized arenas throughout the industry are facing.
*Regional arena comp set: Adventist Health Arena, Toyota Pavilion at Concord, Hearst Greek Theatre, The Venue at Thunder Valley Casino, and Bill Graham Civic Auditorium. 7 2027 Pipeline: Adventist Health Arena
4 12
6 8
0 2
4 6
8 10
12 14
Confirmed Events Holds
# of Events
Adventist Health Arena: 2027 Pipeline Momentum
This Time Last Year Currently
KEY TAKEAWAYS
• Adventist Health Arena currently has 6 events confirmed f
or 2027, up 50% from the 4 confirmed events at this time last year for 2026, a much stronger start to the booking cycle.
• The shift from holds to confirms signals improving
c
onversion and gives the venue a more reliable base to
build 2027 programming around this early.
• Although current holds are down compared to this time la
st year, the event mix appears to be stronger. Currently, seven of the eight holds are listed as Large or Medium
sized events, compared to last year when Small events
made up a larger share of active holds.
8 Theatre Adjusted Gross Revenue Growth
$922
$1,147
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
FY22-24 Avg. FY25-26 Avg.
Adjusted Gross Revenue (in thousands)
Adjusted Gross Revenue Growth at Bob Hope Theatre
KEY TAKEAWAYS
• Chart highlights revenue growth at Bob Hope Theatre by co
mparing the Post-Covid average (2022-2024) to the
Recent History average (2025-2026).
• Growth in Net Event Revenue and Net F&B Revenue has
co
ntributed to the increase of adjusted gross revenue at
the theatre.
• Both Net Event Revenue and Net F&B Revenue increased
b
y 77% in FY25 and FY26 compared to FY22-24.
9 Theatre Per Cap Growth
KEY TAKEAWAYS
• Average Net Event Income has increased by 7% annually from 2022 to 2026 at the theatre.
• F&B Per Caps have increased by 10% annually from 2022 to 2026 at the theatre.
• Service Fee Per Caps have increased by 18% annually
from 2022 to 2026 at the theatre.
• From FY22-24, the theatre hosted 31 annual events on
average. In FY25 and FY26, the theatre hosted 35 annual events on average
• Four (4) additional events at the theatre results in roughly $109k in additional net event income per year
*Per Cap figures reflect Concerts and Family Shows.
$11.01
$8.93
$14.39
$12.10
$17.17
$15.21
$16.69
$18.56
$15.56 $15.28
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
F&B Per Cap Service Fee Per Cap
Gross Per Cap
Annual Per Cap Growth at Bob Hope Theatre
2022 2023 2024 2025 2026
10 Theatre Subsidy Improvement
$(272)
$172
$(300)
$(250)
$(200)
$(150)
$(100)
$(50)
$-
$50
$100
$150
$200
Pre-Covid Avg. Post-Covid Avg.
Venue NOI/NOL (in thousands)
Post-Covid Net Operating Improvement at Bob Hope Theatre *Chart excludes Covid impacted years
KEY TAKEAWAYS
• Chart highlights improved Net Operating Income at Bob H
ope Theatre by comparing the Pre-Covid average (2018-
2019) to the Post-Covid average (2022-2026).
• Legends has improved bottom line performance at Bob
H
ope Theatre by over $400k since pre-covid levels.
• Fiscal Years 2025 and 2026 both finished the year with p
ositive Venue NOI, increasing the theatre’s streak to five (5) straight fiscal years of positive Net Operating Income, compared to the four (4) fiscal years before 2022 all
finishing with a Net Operating Loss.
11 Theatre P&L Comparison
The above comp table highlights FY 2025 operating performance at four (4) Legends managed theatres with similar capacities and market conditions to Bob Hope Theatre.
Bop Hope Theatre Comp #1 Comp #2 Comp #3 Comp #4
FY26 FY25 FY25 FY25 FY25
Capacity 2,046 2,368 1,978 1,819 1,641
Region Northwest Midwest Northeast Southwest Southeast
Net Revenues
Net Event Revenue 446,639$ 346,475$ 192,485$ 433,391$ 750,653$ Net F&B Revenue 527,025$ 603,529$ 94,447$ 261,956$ 245,813$ Net Sponsorship -$ 16,750$ -$ 50,000$ -$ Net Other Revenue 87,334$ 1,252,518$ 773,776$ 649,498$ 805,570$ Total Net Revenue 1,060,998$ 2,219,272$ 1,060,708$ 1,394,845$ 1,802,036$ Expenses
Wages & Benefits 742,352$ 937,983$ 484,969$ 1,109,477$ 819,665$ Utilities 106,969$ 167,607$ 12,801$ 170,439$ 155,834$ Repairs & Maintenance 44,816$ 127,380$ 1,722$ 5,074$ 105,784$ Net Other Expenses 116,116$ 890,754$ 289,977$ 628,458$ 743,387$ Total Net Expenses 1,010,253$ 2,123,724$ 789,469$ 1,913,448$ 1,824,670$ Surplus (capital approved projects) -$ -$ -$ -$ -$ Venue NOI/NOL 50,745$ 95,549$ 271,239$ (518,603)$ (22,634)$ 12 Regional Comp Set Trends: Theaters
461
540 544
436
0 100
200
300
400
500
600
2023 2024 2025 2026 Pace
Total Events
Regional Theater Comp Set: Total Events
31 41
30 32
0 5
10 15
20 25
30 35
40 45
2023 2024 2025 2026 Pace
Total Events
Bob Hope Theatre: Total Events
KEY TAKEAWAYS
• Across Bob Hope Theatre’s regional theater comp set,
t
otal event volume in 2026 is pacing 15% below the 2023– 2025 three-year average.
• Bob Hope Theatre is pacing much closer to its own
hi
storical norm, down just two (2) events from its three- year average of 34 events, holding steady while the
broader comp set softens.
• Bob Hope Theatre is out-
performing what we have been
seeing in the industry, as theaters in 2026 are pacing
down vs. both 2025 and 2024.
• Across the industry, we have also seen that theater
co
ncert volume has remained flat vs. 2025, another trend
that Bob Hope Theatre is defying. The venue had 24
concert & comedy events in 2025, but already has 24 of
these events confirmed for 2026, with another 9 currently listed as holds
*Regional theater comp set: Bob Hope Theatre, Gallo Center for the Arts, SAFE Credit Union PAC, Fox Theatre, San Jose Civic, Warfield Theatre, and The Fillmore. 13 2027 Pipeline: Bob Hope Theatre
3 11
3 9
0 2
4 6
8 10
12 Confirmed Events Holds
# of Events
Bob Hope Theatre: 2027 Pipeline Momentum
This Time Last Year Currently
KEY TAKEAWAYS
• Bob Hope Theatre has 3 events confirmed for 2027,
w
hich matches this time last year, with a similar number of holds in the pipeline as well.
• The quality of the confirmed events has improved, all t
hree confirmed 2027 events are concert & comedy
content, vs. just 1 of 3 this time last year.
• Despite total holds being slightly down compared to this t
ime last year, the 2027 concert & comedy holds are at
the same level they were this time last year, resulting in the overall 2027 pipeline looking stronger than the
pipeline did this time last year.
14 Oak Park Ice Rink
KEY TAKEAWAYS
• In Fiscal Year 2025 and 2026, Oak Park Ice Rink increased Net Revenue by 19% compared to the average seen from FY22-24. • Fiscal Year 2026 marked the second straight year that the venue’s Net Operating Loss improved compared to the prior fiscal year. • In FY26, Net Expenses decreased compared to the prior year for the first time since FY21.
• Oak Park Ice Rink is an extremely active venue, operating roughly 350 days per year, with over 100 rentals per month.
Oak Park Ice Rink
FY26
Event Days n/a
Attendance n/a
Net Revenues
Net Event Revenue -$
Net F&B Revenue -$
Net Sponsorship 4,360$
Net Other Revenue 695,979$
Total Net Revenue 700,339$
Expenses
Wages & Benefits 676,475$
Utilities 369,217$
Repairs & Maintenance 38,437$
Net Other Expenses 102,369$
Total Net Expenses 1,186,498$
Surplus (capital approved projects) -$
Venue NOI/NOL (486,159)$
15 Banner Island Ballpark
KEY TAKEAWAYS
• In Fiscal Year 2026, Net Revenue at Banner Island Ballpark improved by 18% compared to FY25
• Despite Net Expenses increasing vs. FY25, FY26 marked the first year that Venue Net Operating Losses improved compared to the prior year since FY21
• The current deal with Banner Island Ballpark’s baseball tenant continues to be a challenge, as most of the revenue from ballpark events go to the team
Banner Island Ballpark
FY26
Event Days 69
Attendance n/a
Net Revenues
Net Event Revenue 69,000$
Net F&B Revenue -$
Net Sponsorship -$
Net Other Revenue 176,489$
Total Net Revenue 245,489$
Expenses
Wages & Benefits 410,391$
Utilities 345,581$
Repairs & Maintenance 100,973$
Net Other Expenses 210,203$
Total Net Expenses 1,067,148$
Surplus (capital approved projects) 77,105$
Venue NOI/NOL (744,554)$
16