Celebrating three years with the Los Angeles Convention Center on Dec. 20, AEG Management is celebrating another achievement of leading the convention center to $6.1 million in reserves and annual operating surplus. This ended in a record-breaking financial result for the LACC along with many other improvements since the partnership began in 2013.
Since the management change, the LACC increased operating profits each year and surpassing its initial goal of $2.1 million in the first five years in only three years with $6.1 million instead.
“The financial accomplishments of the Los Angeles Convention Center in these past three years are testament to an effective and efficient public/private partnership,” says Bud Ovrom, Executive Director of the Los Angeles Department of Convention & Tourism Development. “Revenues are up, expenditures are down and we have turned a profit every year. This is a partnership that is flourishing and we have the stats to prove it.”
On another note, the center’s sales and marketing pitch is changing. They launched their brand through a new website, which has helped increase event bookings. The LACC has been gaining more attention with bigger events, which is making a big impact on the City of Los Angeles itself.
“The relationships between Los Angeles Department of Convention & Tourism Development, AEG Facilities and the Los Angeles Tourism and Convention Board have never been better,” says Jon F. Vein, President, Board of Los Angeles Convention & Tourism Development Commissioners. “We have worked collaboratively in marketing and sales and after three years have seen our efforts result in increases in Citywide Convention bookings that drive material revenue/economic impact to the City of Los Angeles.”