Five Flags Manager Explains Drop In Revenue

The manager of Five Flags Center, Aaron Rainey faced tough questioning from Dubuque City Council members this week after an annual report showed a $1.2 million loss and revenues that were down more than half from fiscal year 2023. Mayor Brad Cavanagh asked Rainey to explain the drop in revenue and give his suggestions for turning things around at Five Flags Center. Rainey said Five Flags was battered by circumstances outside the control of himself or his company, ASM Global. Rainey said the decline in entertainment revenue has been an industry-wide thing. Attendance and revenues at Five Flags rebounded for the first two years after the pandemic but fell sharply last year. From fiscal year 2023 to fiscal year 2024, spectators fell from 65,000 to 44,000 while gross ticket revenues fell from $1.8 million to $1.3 million with a corresponding decline in concession sales.