International Convention Centre Sydney (ICC Sydney) has delivered $510 million in direct expenditure for New South Wales, despite the economic fallout from Covid-19.
ICC Sydney’s Annual Performance Review for 2019/20 financial operating year showed a year cut in two, with Covid-19 restrictions shutting down all in person events at the venue from mid-March onward.
The $510 million in delegate expenditure was generated in the first eight months of the previous financial year. However, this was down by $386 million from FY2018/19 due to four months of lost operations.
Of the $510 million in expenditure nearly three quarters (73%) came from 70,593 international visitors, who also contributed to 981,445 overnight stays in Sydney.
Minister for Planning and Public Spaces Rob Stokes said ICC Sydney’s reputation as “Australia’s undisputed number one hub for conferences, entertainment and exhibitions remains intact”.
“As we look towards recovery from a devastating year, I am confident that ICC Sydney will play a pivotal role in the future success of NSW and Sydney’s continued success as a vibrant and culturally rich destination,” he said.
In response to COVID-19 and resultant restrictions, ICC Sydney quickly innovated to launch virtual event solutions for clients and used the venue and team to support local community during the pandemic.
Between March and June 30, the venue delivered 55 virtual events, including pro bono events for government agencies, industry associations and charities.
“In just over three years of operation, ICC Sydney has generated over $2 billion in delegate expenditure for the State economy,” said Geoff Donaghy, CEO of ICC Sydney.
“While the Covid-19 pandemic has had a devastating impact on our operations and output in what was set to be another extraordinarily strong year, our Annual Performance Review is an important reminder of the enormous cultural, social and economic value of ICC Sydney. I am confident that both ICC Sydney and the wider business events industry will play an important role in Sydney’s and Australia’s recovery from this crisis”.