Financial Information

The State of the Convention Center

This has been a record year for the Center in terms of the number of events, overall attendance and financial performance. Operating revenues for fiscal 2006 were $24,232,145, which is a 22.3 percent increase over 2005. Net income for 2006 was $4,384,987 – 193 percent better than the record set in 2004. The Center hosted 566 events in 2006, more than any other year. Attendance was 20 percent greater than 2005, setting yet another new mark. Net food service revenues exceeded $7.6 million – almost double the net revenue from the previous year. In 2006 the Center produced more food and beverage revenue, both per square foot and per delegate, than any other convention facility in the country.

The Center’s very positive performance is in large measure due to the implementation over the past several years of a corporate strategy that places premium value on extraordinary service presentation and on a quality facility environment. As an older facility, the Center must compete in an environment where new construction, expansions and renovations are commonplace. In order to do this, the Center must be maintained in first-class condition at all times. The Center will be faced with increased challenges over the next few years to ensure that the Center is properly maintained and enhanced so that it can continue to be competitive in this aggressive marketplace. These challenges will come not only from the need to ensure that adequate funding is available for upkeep and improvements but also in just finding time in the busy event schedule to address the ongoing need of the facility.

The success of the Center is also due to the dedication and hard work of the staff and a strong group of contract employees who assist us in providing services. Our staff and management work in tandem with our great culinary team and the contractors who provide electrical distribution, A/V and data and telecommunication services. We thank all of these terrific people for the great job that they have done this year.

By every measure, fiscal 2006 was a great success. It may be difficult to continually match or exceed this performance, but preliminary numbers for 2007 look good. With careful reinvestment and continuing to follow a quality-based strategy, we remain very positive about the Center’s future.

 

Sincerely,

Signature, Frank Finneran, WSCTC Chairman of the Board
Frank Finneran
Chairman

Signature, John Christison, WSCTC President
John Christison
President

WSCTC Financials

The following financial reports are currently available for you to download and review in a PDF format:
Overview of Annual Report, Fiscal Year End June 30, 2006
Detailed Annual Report, Fiscal Year End June 30, 2006

Overview of Annual Report, Fiscal Year End June 30, 2005
Detailed Annual Report, Fiscal Year End June 30, 2005
Overview of Annual Report, Fiscal Year End June 30, 2004
Detailed Annual Report, Fiscal Year End June 30, 2004
Overview of Annual Report, Fiscal Year End June 30, 2003
Detailed Annual Report, Fiscal Year End June 30, 2003