The Melbourne Convention and Exhibition Centre’s end of financial year figures have exceeded all previous year-end results, recording a total operating revenue of $76.3 million and pumping almost $1 billion of economic impact into the Victorian economy.
For the first time MCEC has, through an exclusive report conducted by EY, measured the economic and social value of its business events over a 12 month period. In 2014/15, MCEC played host to 918 events and welcomed 724,000 business event visitors through its doors.
Melbourne Convention and Exhibition Trust Chairman, Bob Annells said: “With these encouraging financial results and our expansion on the horizon, our business has never looked better.
“We are committed to continually providing a strong return on the investment made by the Victorian State Government, which sees us play a key role in supporting the local economy while remaining Australia’s venue of choice for business events,” Mr Annells said.
Notably, in post-event surveys conducted in 2014-15, exhibitors overwhelmingly reported the major benefits of exhibiting at MCEC business events as: improved brand awareness, leads for future business and the sharing of new knowledge and ideas that enhance research and opportunities for business collaboration. This is where business events truly add value beyond the dollars and cents.
MCEC Chief Executive, Peter King said: “MCEC really is a valuable community asset and a world class venue. All Victorians should be delighted to see evidence of this success story in these end of financial year figures and the contribution the venue makes to the Victorian economy.”
“Furthermore, it’s pleasing to see that our exhibitors are realising the value of networking to produce better research and business investment outcomes locally, nationally and globally. We have recently undertaken external customer journey research to identify opportunities to improve our service, streamline processes and position MCEC as the market leader in an ever-increasing competitive space,” Mr King said.
With its world leading food and beverage offering and state-of-the-art technology infrastructure, MCEC continued to receive numerous accolades across the year, including induction into the Victorian Tourism Awards Hall of Fame.
Minister for Tourism and Major Events, The Hon. John Eren MP said: “We’re ensuring MCEC remains the leading destination for business events and conferences in Australia by investing in the venue’s important Stage Two expansion.
“Our $190 to $210 million investment will ensure that MCEC remains a key contributor to Victoria’s economy,” Minister Eren said.
MCEC can also attribute its 2014/15 success to the Club Melbourne Ambassador Program, which last week celebrated its 10 year anniversary. Ambassadors secured and hosted 20 of the world’s most prestigious conferences over the past 12 months to deliver an economic impact of $58 million for Victoria.
“Our forward bookings and business outlook remains incredibly healthy, as we continue to create memorable event experiences and generate a great legacy for the city,” Mr King added.