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.

img

Dale Kranz

Related posts

Opinion: Rich or Poor

I subscribe to James Altucher’s monthly newsletter. I get more than my money’s worth as he also...

Continue reading
by Bradley Luster

Key Factors for the Near Future of CRE

According the Urban Land Institute and update from Bisnow.com, here here some key factors...

Continue reading
by Anthony Behar

Anthony Behar Interview: Evolution of DTLA Commercial Real Estate

Executive Vice President Anthony Behar was interviewed by Bill Black on the Exit Coach Radio Show...

Continue reading
by Dale Kranz