The Lexington Herald-Leader reports the board overseeing the arena and convention center is cutting $1 million from the budget as projections for revenue are falling.
The slump is one that's affecting venues across the country.
Despite a post-pandemic boom as eager concert-goers rushed to fill seats, ticket prices have proven too steep for many. As streaming has become less lucrative for artists, some have opted to tour more and with higher base costs.
The industry is hoping a major court loss for Live Nation, which owns Ticketmaster, could cool down costs for fans and bring more of them back into venues, but Time reports the antitrust trial outcome is unlikely to mean immediate relief.
In the meantime, Laura Alexander, assistant general manager of Central Bank Center and Rupp Arena, tells the Leader that most of the cuts are directly tied to hosting live events and concerts that have fallen through — and the budget reductions won't affect day-to-day operations.