A letter from Logjam Presents ownership:
Over the past six months, the COVID-19 pandemic, and the associated prohibition on gatherings of more than 50 people, has devastated the live entertainment industry. Like so many venues across the nation, the stages of the Wilma, KettleHouse Amphitheater, Top Hat, Rialto and the newly constructed ELM in Bozeman are silent and will likely remain shuttered until the late Spring or Summer of 2021. Venues such as ours were the first businesses to be shuttered and will likely be the last to reopen.
As the pandemic continues to plague our nation, many in the entertainment industry have watched their revenues collapse. In the case of Logjam, our revenue in the second quarter declined to 1.3 percent of what was earned during the same period in 2019. For promoters of entertainment, the loss of revenue has been compounded by the requirement to refund tickets from cancelled shows. For us, refunds equaled 1.2 million dollars during the past six months. The loss of revenue and the requirement to refund tickets combined with ongoing operational costs of the venues and our company has created a very challenging time for our businesses.
Given the impact of COVID-19 on our business, we have decided to discontinue the development of the event center, hotel and condominium project (the Drift) that was planned within the Riverfront Triangle district. As Logjam works to weather this storm, we believe our best path forward is to focus our financial resources and energy on preserving our existing venues and sustaining our current businesses. While we believe the Riverfront Triangle property has amazing potential for the Missoula community, the financial impact of COVID-19 on Logjam has caused us to be unable to continue development of the project.
We are grateful for the continued support of Missoula and look forward to bringing live entertainment back to our community in a safe and responsible fashion. We hope the best for the City as it works to find the most appropriate use for the Riverfront Triangle property.