On Tuesday, the Long Beach City Council will vote on whether to authorize a loan of up to $5 million for the Aquarium of the Pacific Corp. due to loss of revenue during the pandemic.
The Aquarium of the Pacific is Southern California’s largest aquarium and one of Long Beach’s premier tourist destinations. The space is home to over 11,000 animal exhibits and, during normal years, is visited by millions.
But, like other Long Beach institutions, the aquarium has been subject to changing reopening guidelines during the COVID-19 pandemic. After an initial closure on March 14 of last year, the aquarium has had to adapt to outdoor-only restrictions and ever-evolving health mandates.
As a result, ticket sales—one of the aquarium’s largest revenue sources—took a substantial hit.
In 2020, the Aquarium had year-end revenues of $41.1 million, over half of which came from admission revenue. The previous year, they had $46.2 million in revenues, representing a decline of more than $5 million in 2020.
The Aquarium reopened on Jan. 30 of this year thanks to the City’s newest health order, which allowed the Aquarium to open outdoor exhibits with safety precautions in place. The moon jellies touchpool, Shark Lagoon, Lorikeet Forest, seals and sea lions, among others, are still open to visitors.
“This is a good sign, and if good news on the pandemic continues, the loan could be as low as $1.2 million,” the item states. “However, as the pandemic has proven, there are many uncertainties and the situation could change.”
The corporation determined that the loan may need to range between $1.2 and $10 million, but that “the range of $1.2 million to $5 million seems more likely.”
With ticket sales dampened by the continued risk of the pandemic, the City loan will provide funds for the Aquarium’s upcoming rent payment, which is due to the City in October of this year. The funds will also be used for as-needed operating and maintenance costs.
If approved, the $5 million will be transferred from the City’s Tidelands Oil Revenue Fund Group.
The Long Beach City Council will vote on the loan during its upcoming meeting on Tuesday, Feb. 9 at 5 p.m. via teleconference
