Iowa State Fair increases revenue even with lower attendance

• That's nearly $4 million more than 2021 and about $6 million higher than 2019, which saw record-breaking attendance.
• 1.2 million people attended the fair in 2019, while 1.1 million went last year.

State of play: The revenue increase is linked to the return of events happening outside of fair time, Iowa State Fair CEO Jeremy Parsons tells Axios.

• Around $2.3 million was generated from interim events, such as car and ag shows, according to the 2022 report.

Plus: Increased ticket prices and food costs also contributed to more revenue.

• In 2022, ticket prices rose $2 compared to 2019 and the fair saw an increase of $4.2 million in concessions revenue in 2022 compared to 2019.

Yes, but: While revenue is up, so are operating expenses — costing $37.7 million in 2022.

The bottom line: Overall, the fair's 2022 income was $2.2 million. In 2019, it was $800K.

• "It's just like every other business you're seeing," Parsons says."The costs, they went up for labor and supplies, then there were offsetting revenues."

What's next: Tickets are up an additional $2 for 2023. Advance admission is available now: $11 for adults, $7 for kids.

• Gate tickets: $16 adults, $10 kids.