Los Angeles Convention Center Has Biggest Year Ever
The Los Angeles Convention Center had a big year.
The Convention Center reported an operating surplus of $10.2 million, a 5% increase from the previous year’s surplus of $9.7 million. It’s the biggest surplus since AEG took over management of the 46-year-old facility; before that December 2013 handover, the city operated the Convention Center, usually at a deficit.
In the fiscal year that ended June 30, the Convention Center hosted 33 large conventions, two more than during the previous 12-month period, and had an occupancy rate of 74%, compared with 72% in the previous 12-month period. Occupancy was 57% during the last full fiscal year that the city ran the center.
Doane Liu, the executive director of the Los Angeles Department of Convention and Tourism Development, attributed the improved numbers to the change in management practices instituted by AEG Facilities, the AEG subsidiary that runs the Convention Center. AEG has marketed the center more aggressively, increased revenue and reduced expenses.