CHEYENNE, Wyo.—Cheyenne Frontier Days may be drawing impressive rodeo crowds. But the financial health at the “Daddy of ’em all” isn’t so grand.
Federal tax returns show the nonprofit rodeo lost $1.36 million between 2006 and 2008. The 10-day rodeo last month drew nearly 192,000 people, the best attendance since 1999. But a Sunday report in the Wyoming Tribune Eagle says the rodeo has been spending more than it has taken in for the last three years.
“It certainly depletes our cash reserves,” executive director Dave Johansen told the newspaper.
Net assets stood at about $8.3 million as of Sept. 1, 2008, according to the tax return filed this year.
The 2006, CFD posted a $16,000 loss. In 2007, that jumped to almost $1 million—$908,000. And last year the non-profit lost about $431,000.
Frontier Days officials say the rodeo simply has become more expensive to put on.
They say the losses were caused by higher prices for feed, fuel and performers, plus the cost of improvements such as a large screen for replays in the arena.
Frontier Days officials say a major rising cost has been musical headliners. Performers such as George Strait, Bon Jovi and Kenny Chesney in recent years haven’t been cheap.
“They’re all major dollars,” Johansen said. “It’s pretty easy to take a good-sized hit.”
As costs have gone up, he said, the Frontier Days ticket prices have stayed about the same. Johansen told the newspaper that rodeo officials want rodeo trips to be a good value, and that ticket prices haven’t kept up with expenses.
“Ticket prices haven’t increased substantially,” he said.
The rodeo has experienced deficits before.
When Johansen began working for CFD in 1985, the event had to take out bank loans for several years. But since about 1988, the rodeo hasn’t borrowed, he said.
General Chairman Rod Hottle said the rodeo’s General Committee and board will continue to look hard at expenditures because of the bottom line.
“We’re responsible to do our due diligence,” he said.
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