Summerfest: 40th Gig revenues rose 4.9%

Summerfest celebrated its middle age quite comfortably, drawing solid numbers in attendance, 892,005, and revenue from ticket and food and beverage sales, up 4.9% from last year, according to figures released this morning.The attendance for the 11-day festival's 40th edition landed near the high end of the budgeted goal and 3.1% over the 2006 gathering.The numbers have stabilized near the 900,000 mark for about five years, after topping 1 million in 2001 and 2002.With music fans and cash flowing on the Summerfest grounds, Milwaukee World Festivals Inc. is on track to clear about $12.5 million from the 2007 Big Gig.After paying roughly $1.67 million in rent to the city and covering its administrative and operating costs, the non-profit corporation expects to add about $2 million to its cash reserves.Milwaukee World Festivals Inc. runs Summerfest and coordinates the ethnic festivals held on the Henry Maier Festival grounds, situated on the Milwaukee lakefront"The results indicate we were successful on all counts; our patrons enjoyed a quality festival experience, we generated strong financial results and the event and grounds were managed professionally and meticulously," said Don Smiley, president and chief executive officer of Milwaukee World Festivals Inc.As it heads toward its 41st Big Gig, the non-profit projects that it will have roughly $18.4 million in reserve for rainy days and future renovations to the festival grounds.