Melbourne Convention and Exhibition Centre (MCEC) recorded a contribution of more than $740 million in economic impact to Victoria in the 2019/20 financial year, despite a reduction in activity due to the coronavirus pandemic.
Over the period, MCEC generated $79 million in operating revenue and held 800 events with a total of 715,000 attendees. A further 251 events, scheduled to be held between February and June, were cancelled due to Covid-19 related restrictions.
John Brumby, Chairperson of Melbourne Convention and Exhibition Trust, said the 2019/20 financial year had been one of two distinct halves for MCEC.
“Our first two quarters closing at the end of December 2019 were amongst our most successful in the organisation’s history,” he said.
“We delivered a number of record breaking months, including the top two revenue months in the history of the business, in August and October. This was an outstanding start to a year that proved to be challenging for MCEC, our industry and all Victorians.”
Unsurprisingly, the latest figure was down on the previous financial year’s economic contribution of more than $1.1 billion.
MCEC chief executive Peter King said MCEC had embarked on a strategy to explore new revenue opportunities, such as the venue’s virtual event product or its recent use as film studio for a Hollywood blockbuster starring Liam Neeson.
“We are working incredibly hard to ensure we can continue to be a cornerstone of Victoria’s economy by pivoting in the new world we find ourselves in,” he said.
MCEC’s full annual report can be read here.