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July 27, 2017

Los Angeles Convention Center Posts Record Year




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The Los Angeles Convention Center (LACC), managed by AEG Facilities, has reported the most successful year in its 46-year history for fiscal year 2016 – 2017. 

The LACC closed the year with the largest financial and operational surplus, highest occupancy rate and hosted the most citywide conventions and special events in the LACC’s 46-year history. The LACC reported an operating surplus of over $10.2 million; a 5 percent jump from the year prior. The impressive FY 2016-2017 results are not only in financial performance but also increases in total attendance and citywide convention bookings, building improvement projects, sustainability metrics, positive client survey results and community involvement and corporate responsibility projects, the LACC said.

Financial

Under the management of AEG Facilities, the LACC concluded the fiscal year (June 30, 2017) with an operating surplus of over $10.2 million before reimbursing the city of Los Angeles $3.1 million for the Convention and Tourism Development Department expenses, Staples Bond payment and an allocation for other city services. Since taking over management in December 2013, AEG Facilities has reported improved financial results every year totaling an operating profit of over $26.8 million. In this fiscal year, the LACC also added $1 million to the reserve account, accumulating $7.1 million in reserves at the conclusion of FY 2016-2017.

A&I and CIP

Since the transition, the LACC has reinvested surplus dollars it has generated, more than $11.8 million, on various building improvement projects. In FY 2016-2017, the AEG Facilities LACC team assisted the city in executing a total of $5.2 million in Capital Improvement Projects (CIP) and funded a total of $6 million in Alteration and Improvements (A&I) projects; $2 million more than the year prior. These projects provide building improvements, increase operational efficiencies, and directly improve the client and attendee experience, the LACC said.

Notable CIP and A&I projects include:

  • Building efficiency projects - implementation of the new Computerized Maintenance Management System (CMMS) – a digital work order system to streamline maintenance of the LACC
  • Beautification projects -  upgraded landscaping and florals in Concourse Walkway, South Lobby planters, and Kentia Palm Court as well as carpet replacements throughout the facility
  • Sustainable projects -  LED lighting retrofits, Energy Star Appliances for the LACC kitchen area, installation of Water Bottle filling stations, and the addition of the Metro Bike Station at Gilbert Lindsey Plaza
  • Safety and security enhancements -  the addition of 36 emergency call boxes in all parking areas and 93 security cameras

Increased Events and Citywides Conventions, Overall Attendance, and Improved Client Survey Results

The LACC successfully closed the year at an occupancy rate of 74 percent, surpassing prior year’s 72 percent – industry standard indicates a convention center is considered fully occupied at 70 percent, the LACC said.

Through the partnership with the Los Angeles Tourism and Convention Board (LATCB) and the Los Angeles Department of Convention & Tourism Development (CTD), the LACC has increased citywide bookings by 7 percent, which included large medical conventions such as the American Society of Cataract and Refractive Surgery, and the American Association of Neurological Surgeons; and other international conferences such as the USGBC Greenbuild and Optical Society of America. Additionally, the LACC received 96 percent favorable post event survey results from clients compared to 92 percent favorable last fiscal year.

“Events held this year at the LACC has economically contributed $732 million to the city of Los Angeles and an estimated 300,000 booked hotel room nights,” said Doane Liu, executive director of the Los Angeles Department of Convention and Tourism Development, in a written release.

Sustainability and Corporate Social Responsibility  

The LACC has also reached a record-breaking 75 percent waste diversion rate this fiscal year, surpassing the prior year by 3 percent. Since the transition to AEG Facilities management, the construction and demolition (C&D) waste diversion program has diverted more than 4.5 million pounds of C&D waste from the landfill and has recycled 4,000 tons of compost, which represents a significant proportion of the overall waste from the LACC.

The LACC also has internal programs such as the first LACC Service Day at the Downtown Women’s Shelter, Earth Day E-Waste Fair, and participates in other AEG sponsored programs such as the Read-to-a- Child program at 10th Street Elementary School in Downtown Los Angeles.

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