For the fourth consecutive year, Melbourne Convention and Exhibition Centre’s (MCEC) end of financial year figures have exceeded all previous year-end results, recording total operating revenue of $77 million and contributing close to $1 billion of economic impact to the Victorian economy.
This is the second year that MCEC has engaged leading consultancy firm Ernst & Young to conduct this important economic research. Results take into account 980 events staged at MCEC in 2015/16, including 86 national and international conventions and 78 exhibitions that drew more than 849,677 business event visitors through the venue’s doors – an increase of 17.4 per cent on financial year 2014/15.
Melbourne Convention and Exhibition Trust Chairman, Bob Annells said these encouraging financial results, along with the commencement of the venue’s much-anticipated expansion, highlight a bright and thriving future for MCEC.
“We are committed to continually providing a strong return on the investment made by the Victorian State Government while remaining Australia’s venue of choice for business events,” Mr Annells said.
“The people of Victoria should be very proud of MCEC, the financial contribution its existence makes to the Victorian economy and the wonderful community asset it continues to be.”
A considered move away from an operations-driven to a customer-centric business model, including the successful introduction of a new organisational design in October 2015, contributed to MCEC’s 2015/16 optimistic result.
MCEC Chief Executive, Peter King acknowledged a prosperous 2015/16, noting that the venue’s business activities continue to challenge the team to find ways to lead the world as competition becomes increasingly well-resourced and more aggressive.
“Operating a venue such as MCEC is about much more than simply hosting events. We need to provide tailored, personalised solutions for our customers that exceed expectations and deliver truly unique and memorable experiences,” Mr King said.
“The professionalism, maturity and capability that we have within MCEC to innovate, adapt and create opportunities for our customers underpins this extraordinary result.”
“The fact that we continue to exceed our targets whilst investing more heavily in employee training, safety, security and reducing our environmental footprint is a credit to our entire MCEC team,” Mr King added.
Minister for Tourism and Major Events, The Hon. John Eren MP said that the visitor economy is one of Victoria’s greatest strengths, creating jobs and driving economic growth.
“The experience Victoria offers its visitors is the reason we’ve continued to thrive, and business events are one of our strong suits,” Minister Eren said.
“We want MCEC to remain a leading venue for business events and conferences in Australia. That’s why we’ve embarked on a major expansion of the venue, which is well under way.”
“Melbourne Convention and Exhibition Centre should be congratulated on these impressive results.”
A key driver of MCEC’s future growth will be the completion of the venue’s expansion in early 2018. Building works commenced in June 2016 that will increase MCEC’s total size to more than 70,000 square metres, meaning more space for new celebrations, entertainment and exhibitions as well as for the growth of existing events.
“Our expansion is about doing more of what we do best – bringing a level of class, sophistication and personalisation to events,” Mr King said.
“We are building to increase our flexibility and to offer even more multi-purpose spaces in which events will be delivered to the same professional MCEC standards that the industry and community currently enjoys.”
MCEC’s expansion will deliver an 80 per cent increase in revenue by 2022 along with other significant legacies such as enhanced education opportunities and increased investment in research. It will also provide room for the venue to grow existing community partnerships with organisations such as the Royal Children’s Hospital Good Friday Appeal and the Starlight Foundation.
“Our pipeline of future bookings and business outlook remains very strong, so it really is an exciting time to be involved with MCEC,” Mr King added.