Showing posts with label Deficits. Show all posts
Showing posts with label Deficits. Show all posts

Saturday, June 13, 2015

Peter Gelb Paid $2.1 Million As MET Opera Deficit Balloons

"The Metropolitan Opera disclosed on Friday that its general manager, Peter Gelb, earned a total of $2.1 million in salary and benefits in 2013 but said a pay cut he took last year remains in effect. Mr. Gelb’s 2013 compensation was detailed in a tax filing released by the Met at the close of a challenging period marked by labor strife and financial setbacks. The opera company’s operating budget for the 2013-14 season was $315 million, down about 3.5% from the previous season. Its deficit ballooned in the same period, rising to $22 million from $2.8 million. In December, Moody’s Investors Service downgraded the Met’s credit rating, citing a 'marked decline in liquidity' and the company’s increased reliance on an operating line of credit. Standard & Poor’s Ratings Services affirmed the company’s 'A' bond rating in April but revised its