Mile One cutting deficit, chair says

The organization that runs a controversial stadium in downtown St. John's believes Mile One is turning a financial corner.

St. John's Sports and Entertainment says it is running a deficit of about $800,000. While the organization, which also manages the St. John's Convention Centre, still requires a subsidy, it says it needs far less than only a few years ago.

"We're really pleased with the trend there," SJSE chairman Gerry Smith told CBC News Tuesday, noting that the deficit three years ago was $2.1 million.

"We've had significant revenue gains as well through more events through the facility the last three years and as well, we've been able to get a pretty significant support from corporate partnerships with suite rentals," Smith said.

Mile One opened in 2001 as the home base for the St. John's Maple Leafs, then the farm team for the Toronto Maple Leafs. The Leafs pulled the team, however, only a few years later.

Mile One has been without an anchor hockey team since the Fog Devils were sold to another owner in the Quebec Major Junior Hockey League in 2008.