In a striking turnaround that has captured the attention of Saskatchewan’s business community, REAL CEO Rick Bennett announced yesterday that the organization’s financial outlook is steadily improving after years of financial turbulence. Speaking from REAL’s Regina headquarters, Bennett outlined a comprehensive recovery strategy that has already begun yielding promising results in the third quarter of 2025.
“We’ve implemented a series of strategic adjustments that are fundamentally transforming our financial trajectory,” Bennett explained during a press conference attended by local officials and stakeholders. “The numbers we’re seeing represent not just incremental improvements, but substantive evidence that our recovery plan is working as intended.”
The Regina Exhibition Association Limited (REAL), which manages major venues including Mosaic Stadium and the Brandt Centre, has struggled with significant financial challenges since the pandemic disrupted its revenue streams in 2020. According to financial statements released by the organization, REAL reported a $5.6 million operating loss in 2023, followed by continued difficulties through 2024.
Bennett, who took the helm in early 2024, attributes the current recovery to a multi-pronged approach that prioritized operational efficiency without compromising service quality. “We’ve reduced operational expenditures by approximately 18% while simultaneously increasing our venue utilization rates by 22%,” Bennett noted, presenting detailed financial projections for the remainder of 2025.
City Councillor Sandra Thompson, who serves on Regina’s finance committee, expressed cautious optimism about REAL’s progress. “Mr. Bennett’s team has demonstrated remarkable discipline in executing their recovery plan,” Thompson told CO24. “While we’re not completely out of the woods, the trajectory is certainly encouraging for Regina’s taxpayers.”
The recovery strategy includes diversification of revenue streams, with REAL securing several major events for 2026 that are expected to generate substantial economic impact for the region. Bennett confirmed that three international conventions and five major concert tours have already committed to REAL venues next year, potentially bringing an estimated $12 million in direct revenue.
“We’ve been particularly focused on leveraging our existing assets more effectively,” explained Bennett. “Rather than pursuing expansion during this recovery phase, we’re maximizing the potential of our current facilities through creative programming and strategic partnerships with both local and national event organizers.”
Financial analysts watching the situation have noted that REAL’s recovery could have broader implications for municipal budgets across Saskatchewan. James Whitaker, senior economic analyst at Prairie Financial Consultants, suggests that “REAL’s approach to fiscal recovery provides a potential template for other publicly-funded venues facing similar challenges in post-pandemic Canada.”
The organization still faces challenges, including aging infrastructure at some facilities and increased competition from neighboring provinces. However, Bennett remains confident that the recovery plan’s momentum will continue through 2026.
“Our five-year projections now show a return to operational profitability by Q2 of 2026, approximately 18 months earlier than previous estimates,” Bennett stated. “This isn’t just about balancing books—it’s about ensuring REAL continues to serve as an economic and cultural catalyst for Regina and the entire province.”
As Saskatchewan navigates economic uncertainty amid fluctuating resource prices, can REAL’s apparent turnaround offer valuable lessons for other public enterprises struggling to find sustainable financial models in Canada’s evolving municipal landscape?
