Republished April 01, 2016 - 5:31 AM
Original Publication Date March 31, 2016 - 11:35 AM
CALGARY - One of the biggest events on the Calgary Stampede's party circuit has been called off as the city contends with the worst economic downturn in decades.
For the first time in 20 years, boutique investment dealer FirstEnergy Capital won't be holding its annual FirstRowdy bash this July.
In past years, the event has had a pricetag of more than $400,000, attracted 1,500 to 1,600 guests and featured big-name acts like Bachman-Turner Overdrive and the Barenaked Ladies.
The cost of entry for invited guests was a charitable donation. FirstRowdy has raised more than $3 million for 50 different charities since it started.
FirstEnergy executive chairman Jim Davidson said the decision to call off FirstRowdy was made "after quite a bit of soul-searching."
"We thought it was appropriate in light of the investment climate and the difficult times that we're going through that we cancel it."
Instead, FirstEnergy will donate a total of $100,000 to four charities, with a focus on helping people in need as a result of the downturn.
Stampede-week parties are often viewed as a barometer of the economic climate in Calgary, with hosts spending big when times are good and pulling back when they're not.
Even though the crude downturn was in full swing during last year's Stampede, FirstEnergy decided to go ahead with FirstRowdy 2015 after some debate. Its slogan: "Party like it's 2014!"
But 2016 is a different story.
"The environment is much worse now," said Davidson. "This is much deeper and much broader than anyone had anticipated."
Even though FirstRowdy is a no-go this year — and its prospects of being revived in 2017 are uncertain — Davidson said FirstEnergy's focus on charitable giving hasn't wavered.
"We will continue to do our part in other ways."
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News from © The Canadian Press, 2016