HomeMy WebLinkAboutI. B. Convention Center Operations Update 3.11.2025Virginia Beach Convention Center
Economic Impact and Operating Income Analysis
City Council Closed Session –March 11, 2025
Nancy Helman, Convention and Visitors Bureau
Adam Sacks, Tourism Economics
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Economic Impact of the
Virginia Beach Convention Center
2
Direct
Business
Sales
Indirect
Business
Sales
Induced
Business
Sales+Total
Economic
Impact
Off-site
spending by
meeting
participants
Purchases from
supplier
industries
Employee
spending in the
local economy
>Total business
sales in the
local economy
>
Economic Impact Model Framework
3
Events Participants
All Events 275 456,800
Consumer Shows 25 113,300
Convention / Corporate Meetings 21 45,900
Sports and Tournaments 18 119,900
Trade Shows 12 14,900
Other 199 162,800
Virginia Beach Convention Center Participant
(number of events and participants, 2023)
4
34%
14%
52%
Locals
Day Visitors
Overnight Visitors
Virginia Beach Convention Center Origin:
(percentage, 2023)
5
$27.1M
LODGING
Hotels, motels, short-term
rentals, B&Bs
$6.0M
RECREATION
Amusements, theaters,
entertainment,
other recreation
$24.3M
FOOD & BEVERAGE
Full-service restaurants,
fast food, convenience
stores
$9.8M
RETAIL
Souvenirs, general
merchandise,
malls, local retailers
$8.8M
LOCAL TRANSPORTATION
Taxis, buses, parking,
public transportation,
ride share, gas
$76.0M
Virginia Beach
Convention Center
Direct Spending
Impact
>
Direct Spending by Industry
($ millions, 2023)
6
Virginia Beach Convention Center Economic Impact
($ millions and jobs, 2023)
$110.8M
Total
Economic
Impact
814
Total
Jobs
Supported
$9.8M
Total
State & Local
Taxes
$76.0M
Direct
Business
Sales
7
Virginia Beach Convention Center
Operating Income Analysis
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Operating Income Analysis
The following topics were researched as part of the analysis:
1.Types of operating revenue generated by competitive centers
2.The percentage of operating expenses paid by operating
revenue at competitive centers
The research is based on publicly available information. The
financial arrangements, operating models, ownership models, and
state codes are unique and must be considered when comparing
centers.
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Competitive Set
1.Baltimore Convention Center – Baltimore, Maryland
2.Chattanooga Convention Center – Chattanooga, Tennessee
3.Greater Richmond Convention Center – Richmond, Virginia
4.Kentucky International Convention Center – Louisville, Kentucky
5.Myrtle Beach Convention Center – Myrtle Beach, South Carolina
6.Ocean Center – Daytona Beach, Florida
7.Raleigh Convention Center – Raleigh, North Carolina
8.Roland E. Powell Convention Center – Ocean City, Maryland
9.Savannah Convention Center – Savannah, Georgia
10.Tampa Convention Center – Tampa, Florida
11.Walter E. Washington Convention Center – Washington DC
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1.Space rental
2.Food & beverage
3.Advertising / sponsorship
4.Equipment
5.Electrical
6.Parking / marshaling
7.Retail lease
Operating Revenue Generated by Competitive Centers
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City Coverage Ratio Operating
Model
Venues
Managed
Headquarter
Hotels
Tampa CC Tampa 1.09 Public 1 1
Chattanooga CC Chattanooga 1.02 Private 1 1
Savannah CC Savannah 0.98 Public 1 1
Kentucky International CC Louisville 0.95 Public 2 1
Myrtle Beach CC Myrtle Beach 0.89 Public 1 1
Raleigh CC Raleigh 0.79 Public 3 1
Greater Richmond CC Richmond 0.67 Private 1 2
Virginia Beach CC Virginia Beach 0.63 Public 1 0
Baltimore CC Baltimore 0.44 Public 1 3
Ocean Center Daytona Beach 0.43 Public 1 1
Walter E. Washington CC Washington DC 0.37 Public 11 1
Roland E. Powell CC Ocean City 0.36 Public 1 0
Average (excludes VBCC)0.73 ---
Competitive Center Coverage Ratios: 2023
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THANK YOU!
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