Famous Nightclub racks up $15 million loss in nine months!
The most prominent nightclub in Portmore, Famous Nightclub made a $15.6 million loss from operations over a nine-month period, due in part to reduced revenues.
It led its operators to change thebusiness model to cut costs.
“The Famous operating model was changed in August from a weekly 3 night/week club to a promoter model which saw the location being marketed to promoters as a venue. This has allowed for significant reduction in operating costs with a major shift from fixed to variable expenses,” stated KLE Group management in its financials, for the period ending September 30, 2015, posted to the Jamaica Stock Exchange.
Famous made $23.9 million in revenues over nine-months ending September but its expenses proved greater, which resulted in the loss. A year ago, the operations generated $49.2 million in revenues but still made a $8.9 million net loss.