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Regina's Globe Theatre Receives Crucial Loan from City Council
🇨🇦 Canada /Culture & Society

Regina's Globe Theatre Receives Crucial Loan from City Council

From Global News · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Approved/passed
  • Regina city council has unanimously approved a loan of nearly $1.4 million for the Globe Theatre to address urgent financial obligations.
  • The theatre is currently $16 million in debt, largely due to construction costs and a steep mortgage incurred after the COVID-19 pandemic.
  • Local businesses, particularly restaurants, rely on the theatre's presence for customer traffic and economic activity, highlighting its importance as a downtown anchor.

Regina's Globe Theatre will remain open after city council voted unanimously to provide a loan of nearly $1.4 million. The funds are intended to help the historic theatre-in-the-round address urgent obligations and bills.

Mayor Chad Bachynski acknowledged the difficult financial climate but emphasized the theatre's role as a downtown anchor. "We are investing tens of millions of dollars in the downtown. We have businesses that have reached out directly, and we heard today, that are open as a result of the Globe Theatre," he stated. Many surrounding restaurants, like Rosemary & Rye, depend on the theatre's shows to drive business.

There’s a lot of challenging aspects to our financial situation right now. On the other hand, the Globe Theatre is an anchor downtown. We are investing tens of millions of dollars in the downtown. We have businesses that have reached out directly, and we heard today, that are open as a result of the Globe Theatre.

— Mayor Chad BachynskiMayor Chad Bachynski explained the city council's reasoning behind approving the loan for the Globe Theatre, highlighting its importance to the downtown core.

"When their shows are on, our room fills up, it really makes a big difference," said Fabian Boersch, head chef and owner of Rosemary & Rye. "It’s 5:30, everyone’s coming in for a pre-show dinner, and even if they’re not coming in for dinner, you walk outside and when there’s a show on, there’s just more people walking around."

The theatre faces $16 million in debt, stemming from a major construction project undertaken post-COVID-19. This led to increased building costs, tariffs, and a substantial mortgage. Despite the financial challenges, the theatre asserts it provides $23 million annually in economic impact to the province and plans to seek more donors and government grants. The province noted its investment in the theatre's initial revitalization and annual Crown corporation funds.

When their shows are on, our room fills up, it really makes a big difference. It’s 5:30, everyone’s coming in for a pre-show dinner, and even if they’re not coming in for dinner, you walk outside and when there’s a show on, there’s just more people walking around.

— Fabian BoerschFabian Boersch, head chef and owner of Rosemary & Rye, described the positive impact of the Globe Theatre's operations on his restaurant's business.
DistantNews Editorial

Originally published by Global News in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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