Sadly, I have experienced several tournament promoters throw in the towel on what I considered first-class events: Glass City Open (Toledo, OH) and Capital City Open (Maryland and Philly). Windy City Open is another one that ceases to exist because the promoters couldn't turn a profit. Breaking even was about the best any of them could do, if they were lucky.
There are so many facets to running an even of this caliber: table rentals, table delivery and setup fees, admins staff, gate staff, tournament directors, venue room rental, room for vendors, advertising, materials for charts, trophies. And these are just the expenses I can think of off the top of my head. I'm sure there's more.
Personally, I wouldn't touch it with a 1,000-foot pole if I like money. Most of these kinds of events are promoted by people who have a very deep passion for pool. Like the American pro pool player who follows a tournament trail with low payouts, never able to break even unless they come in first, second, or third, the pool tournament promoter also encounters obstacles.
Now, there are successful tournament promoters, but they have other pool ventures subsidizing the pool tournaments. Pro pool, in particular, is a losing venture for most.
Have it in a big sports bar or nice poolroom...the tables don't need to be rented or moved...they are already there. Venue rent...green fee. No tin cups/trophies. Advertising=0 $. AZB, FB, and word of mouth. Pool players always no where and when good tournaments are coming...if the advertising on the above is put out in plenty of time. The only reason this hasn't and won't get done is pool players are too lazy to make a few calls to their contacts on thier down time...which they have a lot of. Johnnyt