Calgary Stampede hopes to buck economic downturn

Officials with Calgary's biggest tourist draw hope they can weather the economic downturn that's buffeting Alberta.

The Calgary Stampede is already seeing signs of a slowdown. Revenues from the annual auction of chuckwagon tarps were down from $3.4 million in 2014 to less than $2.8 millionthis year.As well,some sponsors have pulled back a bit.

There are also fears people will keep a tighter grip on their cashwhen they visit the Stampede next month, resulting in lower food and beverage sales.

Flat revenues predicted

The CEO of the Calgary Stampede, Warren Connell, said it's expecting revenues will be flat this year. He said while organizers have reduced spending, it shouldn't detract from the experience for visitors.

Ticket sales are in line with last year's Stampede, which was the second busiest on record. "We've noticed a lot more stay-cations and a lot more of the rubber tire market coming out of the northwestern U.S. and across Canada have actually been buying the tickets," said Connell.

Province yet to pony up

The Stampede has received $9.674 million from the provincial government in each of the past three years but so far, no word on a grant for this year since the NDP took power last month.

A city council member on the Stampede board of directors, Diane Colley-Urquhart, calls that a concern.

"I'm calling on the provincial government to honour the previous obligation the previous government made in view of the economic circumstance and with the Stampede about to begin," said Colley-Urquhart.

The Stampede earned $137 million in gross revenues in 2014. However, its net income was just $2.255 million which underscoreshow important the provincial cash is to the Stampede's bottom line.

Although the organization has been working to promote Stampede Park as a year-round destination, the annual 10-day festival in July is still its biggest draw. More than1.26 million people attended the Stampede in July 2014.

Historically, more than half of itsannual revenues are earnedduring Stampede week.