Aquariums in Denver and Newport are both three years old but most of the similarities end there.

        Denver's aquarium closes Tuesday amid financial ruin — $63 million in the redfish to be exact. Newport's main tourist attraction took notice of the news, counted the similarities and differences, and reassured itself.

Dan Scherry and his daughter Sydney,3, look at sharks in the Newport Aquarium. The aquarium, in its third year of operation, meets expectations. (Glenn Hartong photo) | ZOOM |

        And while both aquariums' attendance figures have fallen each year and are comparable in number, not much else is, Newport Aquarium Executive Vice President David Wechsler said this week.

        Industry analysts consider the demise of Denver's $93 million Ocean Journey, and the financial struggles of aquariums in Albuquerque and Camden, N.J., a cautionary tale about front-end debt, rosier-than-real market research and reliance on public funding.

        “It's a matter of not having wild expectations,” Mr. Wechsler said.

        Despite falling attendance each year, he said, Newport continues to be profitable. “(Denver) spent way too much money. We built it like anyone builds a business.

        “The lesson is, know your market. No pipe dreams.”

        Doug Townsend agrees. He's the president and chief executive of the Denver aquarium, which opened with $35 million in contributions but borrowed $65 million for construction.

        “You can't heavily leverage a facility like this,” said Mr. Townsend, who is from Indianapolis and is familiar with Newport's facility. “That's way too much debt.”

        Denver's adult admission is $14.95, same as Newport's. The industry average is $17.03, according to Jane Ballentine, spokeswoman of the American Zoo and Aquarium Association in Silver Spring, Md.

        But Denver's consultants said it could expect 1.1 million annual visitors. By last year, it was down to 742,544, leaving the aquarium with a $10 million shortfall.

        Newport's advantage, AZA's Ms. Ballentine and Denver's Mr. Townsend noted, is its proximity to other attractions, including the Newport on the Levee commercial development, which opened in October with theaters, shops and restaurants.

        “One of the things that's a real benefit (to Newport) is the additional development,” Mr. Townsend said. “We're a little isolated. It's only about a five-minute walk, but...”

        On Wednesday, the Scherry family of five, from Jasper, Ind.,stood at the Newport Aquarium exit overlooking dozens of new shops and attractions at Newport on the Levee. They made the three-hour drive Tuesday, stayed in a hotel, went to the Florence Mall, and only bagged a Cincinnati Zoo visit because of the chilly weather.

        Five minutes earlier, Dan Scherry carried his daughter, Sydney, 3, through the shark exhibit tunnel.

        “Daddy! Look, hurry!” she said as the predators circled overhead.

        “Valuewise, I'm sure we'll do it again,” said Mr. Scherry. “We went to the Ripley Aquarium in Myrtle Beach, and that was about $20.”

        Value is relative. The Reardon family of Loveland were Newport Aquarium first-timers on Wednesday, having gotten free tickets through the nearby Embassy Suites hotel.

        “It was good but I'm not sure I'd pay $15 for it,” said Richard Reardon, 36, with his wife, Mary Lou, sonm Matt, 5, and daughter, Maggie, 2. “Maybe when the kids are older.”

        The Scherrys and Reardons are exactly who Kentucky legislators had in mind when they gave the Newport Aquarium big tax breaks to open. It was built for $40 million, buoyed by state incentives designed to spur major tourism projects like the Aquarium and Kentucky Speedway.

        As a private business, Newport doesn't have to reveal financial details. And it doesn't. But Mr. Wechsler called May-to-May's projected attendance of 850,000 visitors, down from 1.25 million the first year, “well above our break-even.”

        Typically, major tourism attractions' first-year attendance is a “honeymoon” thing that won't last. Newport's Mr. Wechsler said he expects that as the national economy improves, annual attendance should level off at between 900,000 and 1 million.

        Denver needed more than that just to stay afloat.

        “From the things I've read about Denver, their consultants gave them the rosier end of the picture,” Ms. Ballentine said. “In recession-type times, people are tighter with their dollars.”

        When ticket revenue sagged, Denver Aquarium management turned to the cash-strapped city but was rejected.

        But in Kentucky, overhead was lowered at the beginning of the project by state help. The aquarium has been run like a business after an initial boost that did not create debt.

        In Kentucky, the Tourism Development Act passed in 1996 allows developers to receive a tax rebate of 25 cents of every dollar spent at a tourist attraction for up to 10 years.

        In Denver, it took two years to build the aquarium and it will take two months to vacate it — and find homes for its 8,000 fish.

        You might see some in Newport.

        Reporter Patrick Crowley contributed.
       

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