I write with the unfortunate news that we must suspend the Restaurant & Bar operations at the UICC effective October 31, and Banquet food and beverage services as of December 31, 2018. The Center will still be fully operational for cultural programming, meetings and event space needs. We are researching other options for event catering after January 1st and will keep the UICC membership well informed.
Despite our best efforts, the Restaurant & Bar operations have been losing money at an alarming rate. Through September 2018 our loss is $340,000, and we are forecasting additional losses of $70,000 for the last quarter, which would be even greater if the restaurant and bar were to remain open. Even though some of the year-to-date losses include non continuing expenses of approximately $150,000, revenues are far below both planned and historic levels.
The Board is acutely aware that the Restaurant and Bar have been important venues for our members to socialize and relax with family and friends. In addition, we are sensitive to the personal impact this will have on our valued Restaurant & Bar employees who we have known and worked with for years. However, we must face the current reality that we cannot continue as a viable institution and suffer this level of continual financial loss.
These decisions will not impact any booked events through December 31, nor will it impact room rentals for cultural events, club or business meetings, etc. We are also working to see what accommodation can possibly be made for events already booked into 2019 with food & beverage.
Your Board fully intends to preserve and build upon the wonderful foundation the UICC represents in the community. We have been in this position in the past. Today the UICC has an active planning process underway, including discussions with outside advisors, on ways to create additional revenue streams through our facilities and how to sustain our programming for generations to come. Cultural programming will now receive intensive attention from your Board to engage more participation and involvement from our community. Our History and Cultural Committees are actively working on projects that we hope will breathe new life into the UICC. We will update you on important timelines in this process in our next communication. We also strongly encourage and welcome your input and involvement in your Center. We need you!
It saddens us to bring you this news, yet we believe the UICC will be better and stronger as a result of the difficult decisions we must make today.