Convention Center Generates Record Breaking $781 Million in Economic Impact for The City of Los Angeles
Sep 12, 2017
Los Angeles, CA (September 12, 2017) The Los Angeles Convention Center (LACC), professionally managed by AEG Facilities, reported generating a record-breaking economic impact of $781 million for the City of Los Angeles in fiscal 2016/2017 with $478 million attributed to convention attendees direct spending. An additional $26.4 million was generated in tax revenues to the City, with $18.2 million in hotel transient-occupancy tax contributions to the City’s general fund. This is an increase over $90 million in total economic impact over last fiscal year.
The convention center also set a record in the number of events they hosted, including an increase in citywide conventions, resulting in an increased occupancy rate of 74 percent – industry standard indicates a convention center is considered fully occupied at 70 percent. During fiscal year 2016/2017, the LACC hosted 2.2 million visitors across 215 events. These events included prestigious consumer shows, industry trade shows, and 32 large-scale citywide conventions such as the American Society of Cataract and Refractive Surgery, American Association of Neurological Surgeons and College of Chest Physicians which filled an estimated 526,000 hotel room nights while sustaining 12,700 local jobs.
AEG Facilities, working closely with the Los Angeles Tourism & Convention Board has increased event bookings every year since assuming management in late 2013.
“As a centerpiece of Downtown LA, The Los Angeles Convention Center has proven to be an integral economic impact driver for the City. LACC events support L.A.’s economy through the direct and indirect spending by event and convention attendees on travel, lodging, meals, transportation, and entertainment, saving local taxpayer dollars and contributing funds for essential city services,” noted Doane Liu, Executive Director of the Los Angeles Department of Convention and Tourism Development.
Alexa M. Diaz
About the Los Angeles Convention Center
The Los Angeles Convention Center (LACC) is renowned internationally as a prime site for conventions, trade shows, and exhibitions. Professionally managed by AEG Facilities, the LACC attracts over 2.5 million visitors annually. The facility is an integral economic component to the Southern California area, generating economic benefits through attendee direct and indirect spending and sustaining over 12,500 local jobs. The LACC also remains an enduring symbol of environmental sustainability and social responsibility, and is proud to be a LEED® Gold certified facility; the venue was recertified on the Gold level in 2015 making the LACC the largest convention center in the U.S. to receive LEED® EB:O+M Gold recertification. For more information, please visit lacclink.com.
About AEG Facilities
AEG, a wholly owned subsidiary of the Anschutz Company, is the leading sports and live entertainment company in the world. AEG Facilities, a stand-alone division of AEG, and its affiliates owns, operates or consults with more than 120 of the industry’s preeminent venues worldwide, across five continents, providing complete venue management, as well as specialized programs in operations, guest services, ticketing, booking, sales and marketing. AEG Facilities also provides resources and access to other AEG-affiliated entities, including AEG Live, one of the largest live music companies in the world, AEG Global Partnerships and AEG Real Estate, as well as such industry leading programs as AEG 1Earth and AEG Encore to support the success of its venues across the globe. The Los Angeles-based organization owns, operates or provides services to the world’s most elite venues, including STAPLES Center and Microsoft Theater (Los Angeles, CA), StubHub Center (Carson, CA), Sprint Center (Kansas City, MO.), Valley View Casino Center (San Diego, CA), KFC Yum! Center (Louisville, KY.), American Airlines Arena (Miami, Fla.), Prudential Center (Newark, N.J.), Barclays Arena (Brooklyn, N.Y.), Target Center (Minneapolis, MN), Oracle Arena and O.co Coliseum (Oakland, CA), CONSOL Energy Center (Pittsburgh, PA), Mercedes-Benz Arena (Shanghai, China), MasterCard Center (Beijing, China), The O2 Arena (London, England), Mercedes-Benz Arena (Berlin, Germany), Barclaycard Arena (Hamburg, Germany), AccorHotels Arena (Paris, France), SSE Hydro (Glasgow, UK), Qudos Bank Arena (Sydney, Australia), Perth Arena (Perth, Australia), Ericsson Globe Arena (Stockholm, Sweden), Los Angeles Convention Center (Los Angeles, Calif.), Hawaii Convention Center (Honolulu, HI), Puerto Rico Convention Center (PRCC), Brisbane Convention & Exhibition Centre (Brisbane, Australia), International Convention Centre (Sydney, Australia) and the Oman Convention and Exhibition Center (Muscat, Oman). For more information, please visit aegworldwide.com.