HECFI boss not expecting bonus after $1.7M loss

The city of Hamilton’s entertainment and convention facilities have run into tough times.

The head of the agency known as HECFI says they’re anticipating a loss of $1.7 million this year. And it’ll have to be picked up by the city.

HECFI operates Copps Coliseum, the Hamilton Convention Centre and Hamilton Place for sports, concerts and conferences. But CEO Duncan Gillespie says business dropped off dramatically this year because of the economic slowdown in the U.S. He says HECFI has already laid off four people, cut back salaries and cut expenses. And he’s prepared to turn down an annual bonus if it’s offered.

“It has been an horrific year in entertainment across North America and globally. It’s important to understand that HECFI is not in isolation in terms of (having) a bad year. There’s many, many other facilities and many other cities that are having equally difficult years on the entertainment side.

“I doubt very much that the board will be looking toward a bonus and I doubt that I would be at this point accepting a bonus for our performance in 2010.”

Gillespie says forecasts indicate HECFI could face more losses before things start to get back to normal in the second half of next year.