Regina Exhibition Association Limited forecasts a loss of $7 million in 2020 due to the cancellation of summer events

Daylight saving time usually means money for the Regina Exhibition Association Limited (REAL), the company that operates Evraz Place. There are Rider Games, the Exhibition, Canada's Farm Show, the WHL season starting in September and many other events throughout the year.

With all of this year's cancellations due to COVID-19, REAL's financial future has taken a major hit.

“It's a very damaging time for our business, but we still have all the costs of managing the overhead costs of large buildings,” said Tim Reid, president and CEO of REAL.

“We don't have many options. We must continue to maintain our buildings safely and reliably, but we also have no revenue to offset these costs.”

Although REAL is doing everything it can to cut costs — cutting staff, cutting all non-essential expenses — Reid said the company could suffer losses of $6.8 million to $7 million this year.

Had COVID-19 not happened, REAL would have expected an estimated profit of $1 million.

In April, the company said it had lost $4 million so far.

Still, Reid said there are a few bright spots.

“We have had more time to invest in some of our partners and develop our site plans,” Reid said. “We continue to see great optimism and interest in our site.”

Reid said in February that the city could see groundbreaking on up to four new projects at Evraz Place next year. This week he said REAL was in final negotiations for a hotel.