Wednesday, 19 July 2017

MCEC set for the future with record FY results

  • MCEC’s economic impact grows, contributing over $969.1 million to Victoria in 2016/17
  • Fifth consecutive record-breaking EOFY result 
  • Over two million visitors passed through MCEC’s doors 
  • Revenues set to increase by almost 70 per cent by 2022

Melbourne Convention and Exhibition Centre (MCEC) has rounded out its fifth consecutive record high financial year, placing the venue in prime position for the opening of its new expansion space in mid-2018. Total operating revenue of $80.1 million and almost $1 billion in economic impact was recorded, affirming Australia’s top business events destination is stronger than ever.

These results are attributed to the 1,026 events staged at MCEC in 2016/17, including 75 national and international conventions and 77 exhibitions that drew more than 867,705 registered business event delegates to the venue.

Concert and entertainment events saw the greatest growth, increasing by more than 50 per cent on financial year 2015/16 due to a popularity rise in MCEC’s Plenary as its own stand-alone concert venue.

In total, more than two million visitors have passed through MCEC’s doors during the last 12 months in conjunction with business event delegates, due to the diversity of events the venue hosts and its integration with the South Wharf precinct and wider Melbourne community.

Minister for Tourism and Major Events, The Hon. John Eren MP said it was great to see MCEC continuing to thrive, with the results reaffirming the Victorian State Government’s investment to expand the venue.

"The visitor economy is one of our greatest strengths, and MCEC plays a vital role in driving economic growth and creating jobs in Victoria.

"It’s terrific to see the venue continuing to succeed and they should be congratulated on these impressive results.

"MCEC will be able to host even more events and attract more people through their doors once our expansion is complete," Mr Eren said.

Despite increased competition both nationally and internationally, and an operating construction site, the venue has maintained a full events calendar and business as usual approach to achieve a high customer satisfaction rating of 85 per cent and a $3.1 million increase in revenue.

MCEC’s Chief Executive, Peter King attributed the professionalism, maturity and capability within MCEC for achieving this impressive financial growth.

“Our focus has been on our customers and ensuring we can continue to deliver, innovate and adapt to meet their current needs, whilst having the foresight to help them plan for their future events too.

“Credit is due to our hard-working and dedicated MCEC team, who have welcomed numerous changes as we adapt our business for the future, all while maintaining our award-winning event delivery and service,” Mr King said.

MCEC’s expansion project is expected to deliver close to a 70 per cent increase in revenue by 2022, with over 35 events already scheduled to fill the new multi-purpose event space from mid-2018.

“Our business is going through an exciting period of growth. Our infrastructure is expanding, our employee numbers are increasing, and our customer list is growing. But it’s what’s to come that is even more exciting, especially considering the impact it will have on Victoria’s wider economy.

“The next 12 months will be spent ensuring we are ready for the opening of our expanded space, in which we are anticipating a 10 per cent increase in our workforce to deliver a 19 per cent increase in event numbers,” Mr King added.

With increased employee and event numbers, MCEC will continue its significant investment in employee training, safety and security, as well as $8 million in capital works upgrades on the current venue to align it with the new space.

“MCEC has become a real community asset, thanks to our involvement in major public events such as the Good Friday Appeal. Melburnians deserve just as much acknowledgement as international delegates for our venue’s success.

“It’s certainly a great feeling to be in the best possible position we can be, with an even brighter future ahead,” Mr King concluded.

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