Global Spectrum, facility managers of both the Miami Beach Convention Center (MBCC) and the Colony Theatre, is reporting that the MBCC is estimating to end their 2012 Fiscal Year with a final net profit. Final numbers are still being put together but the MBCC estimates a Net Profit of $100,000 against Total Gross Revenues of $18.6 million for the 2012 Fiscal Year, which ran from October 1st, 2011 through September 30th, 2012. Acomparative look at those top line numbers reveals significant increases in gross revenue and decreases in total expense over what was budgeted
As is the case with the vast majority of Convention Centers across the country, the MBCC had forecasted a Net Loss of $990,000. This included budgeted net revenue of $6.9 million against expense forecasted at $7.89 million accounting for the budgeted net loss. The MBCC’s actual gross revenue topped the forecasted revenue by $400,000 while reducing the budgeted total expense by $690,000.
“The financial numbers we are seeing as we close out our year are the result of the hard work of so many in this community”, said GM Bob Balsam. “Our Global Spectrum team, in close partnership with the City of Miami Beach, the Greater Miami Convention & Visitors Bureau and along with the many Chambers, Associations and local organizations all contributed in ending our year by reaching a very uncommon and extremely exciting final result.”
Convention Centers are typically facilities that project a loss but ultimately result in a positive economic impact through creating major revenues in the surrounding community for everyone from major hotels and restaurants down to the many smaller family-owned local businesses. “We are proud to represent the City of Miami Beach as facility managers of the MBCC” said Balsam. “We look forward to many more successful years ahead”
Global Spectrum and the GMCVB have already been working hard to maintain that momentum for the 2013 Fiscal Year. In October, the MBCC hosts in two major city-wide conventions that will create a tremendous amount of economic impact for the City of Miami Beach and Miami- Dade County as a whole.
The Association for Financial Professionals Annual Conference visits the MBCC from October 14-17th, featuring many distinguished speakers, 125 educational sessions and over 250 exhibitors. The following week, the MBCC hosts yet another city-wide event with Transcatheter Cardiovascular Therapeutics’ Annual Conference from October 22 – 26th, an event that will bring together medical professionals from all over the world.
“We’re delighted to be kicking off the new fiscal year in October with two major conventions at the Miami Beach Convention Center,” says William D. Talbert, III, CDME, President & CEO of the Greater Miami Convention & Visitors Bureau. “The Association for Financial Professionals will bring more than 6,000 attendees and an economic impact of $11 million to our community October 14-17, 2012.