CORPUS CHRISTI, Texas — In a tense City Hall briefing, Oak View Group touted its management of the American Bank Center as a success story — three years after taking over operations.
The group reported a 23% increase in revenue, a 55% rise in profits, and a reduction in expenses. City officials also heard that the venue’s economic impact now exceeds $15 million, with 10,000 more hotel room nights booked and more than 50 local vendors involved.
But not everyone was convinced.
Councilman Eric Cantu called for a full audit after learning OVG signed a nine-year agreement with Ticketmaster that runs through 2032 — even though the company’s contract with the city expires in 2027. OVG initially told city officials the deal was for five years."I'm sorry, I misspoke on that,” said a representative from OVG 360. “I wasn't trying to intentionally mislead anyone. We have about 50 contracts to keep track of.”
Cantu pushed back. “Why is OVG 360 signing contracts with Ticketmaster for nine years, knowing they only have a contract for five?” he said. “What other contracts are they doing for that long?”
Cantu said those unanswered questions make it difficult to support additional public funding — especially since taxpayers still help cover costs.
City records show a projected $475,000 operating deficit this year, not including capital expenses. A new naming rights deal with Hilliard — starting Sept. 1 — is expected to bring in $1.3 million annually. Still, the city forecasts a shortfall of nearly $856,000 after costs.
The Hilliard deal followed OVG’s decision to reject a $20 million naming rights offer from attorney Thomas J. Henry, which could have brought in an estimated $750,000 more per year.
For the latest local news updates, click here, or download the KRIS 6 News App.
Catch all the KRIS 6 News stories and more on our YouTube page. Subscribe today!
