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City keno proceeds to underpin ailing Ralston Arena finances

kenoRALSTON, Neb. (AP) — Ralston city leaders have decided that proceeds from keno operations in the city will underpin the red-tinged balance sheet at the Ralston Arena.

Mayor Don Groesser broke a 3-3 City Council tie on a funding resolution Tuesday in favor of initially redirecting $500,000 from the current keno proceeds fund of about $1.8 million. City Attorney Mark Klinker says arena officials will be able to draw on the $500,000 as needed and pay back the money.

The arena has failed to meet revenue projections. In the fiscal year ending Sept. 30, 2015, the arena lost $2.5 million on combined operations and debt service — $300,000 more than the previous year’s loss. The most recent fiscal year results have not been released yet.

 

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