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September 22, 2020

Mystic Aquarium restructures due to COVID impact

Photo | Mystic Aquarium Mystic Aquarium has received $6 million from a federal pandemic-relief program.
By Michelle Tuccitto Sullo

Mystic Aquarium, one of the state’s top tourist attractions, is getting a financial boost to help it survive the coronavirus pandemic. 

The facility closed to the public March 17 following Gov. Ned Lamont’s order requiring the closure of non-essential businesses. The aquarium reopened on July 1, but like most tourist attractions, hasn’t had the same level of visitors as before COVID-19.

On Tuesday, Lamont announced a $31.5 million public-private restructure and investment in the aquarium aimed at helping it continue operations.

Under the restructure, the aquarium has raised more than $10 million from private donors and eliminated $14.5 million in long-term debt, according to Lamont’s office. The state will provide a $7 million line of credit for working capital. The aquarium will replace the state funding with private capital after it has recovered from the virus’ negative impact on business.

Lamont called it a “great deal for Connecticut.”

“This is an investment in one of our treasured assets,” Lamont said in an announcement. “The state leveraged its support to get significant investment from the private sector, including debt forgiveness and incredible support from the philanthropic community.”

Before COVID-19, Mystic Aquarium typically attracted some 800,000 annual visitors, and it is home to about 5,000 animals, some on endangered and threatened lists.

“It is not only a destination – it is an education and conservation center,” Lamont said. “This plan assures that Mystic Aquarium will prosper and continue to provide social and economic benefit to the citizens of Connecticut.”

Currently, visitors must purchase advance online timed-tickets for admission, with a set maximum capacity for each time frame.

Stephen M. Coan, president and CEO of Mystic Aquarium, said it is appreciative of the efforts of state and federal leaders, board donors and new donors. 

Coan called the arrangement, “an incredibly collaborative approach to positioning Mystic Aquarium for the future.” 

Federal lawmakers, including U.S. Rep. Joe Courtney, U.S. Sen. Richard Blumenthal, and U.S. Sen. Chris Murphy, assisted aquarium leadership in reaching the agreement.

Courtney said the aquarium’s future is key to the vitality of not only southeastern Connecticut, but the entire state. 

Blumenthal indicated he will continue to advocate for federal funding for Connecticut’s recreational and tourist attractions which have been adversely impacted financially due to COVID-19.

“I salute the state’s lifeline financial assistance to Mystic Aquarium,” Blumenthal said in the announcement.  “This aid helps sustain a cultural treasure – a vital destination that drives jobs and economic vitality in the region and entire state.”

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