True (for the initial start up at least). I think the Chicago and Cleveland velodromes were about $100K to build (just for the track).
Detroit didn't quite break even last year. Its being used as a multi purpose facility - Corporations can rent it out for special events. Its used by multiple sports (aerobics, schools, rollerblading, Frisbee golf), and seems to put on a decent show on race nights. Anything to keep it viable. The trick is to make/keep it self funding.