Massachusetts Convention Center Authority Announces FY22 Financial Success
The Massachusetts Convention Center Authority (MCCA) is pleased to announce that in FY22, emerging out of the Covid-19 pandemic, it has just completed its most financially successful year on record.
After two historically challenging years, the MCCA rebounded stronger than anyone could have expected and operated “in the black”, without requiring any supplemental funding from the Convention Center Fund (CCF) to support its fiscal year 2022 operations. In Boston, over 370,000 attendees were welcomed to large events hosted at MCCA facilities, generating close to 365,000 room nights and an estimated total economic impact of $870 million.
“In the two years since the convention industry completely shut down in March of 2020, the MCCA has made remarkable strides in its recovery and getting back to the business of safely hosting events,” said John McDonnell, Board Chair of the Massachusetts Convention Center Authority. “I’m incredibly proud of the MCCA team and on behalf of the Board of Directors would like to congratulate them on this significant financial milestone.”
Several factors helped the MCCA accomplish these results, highlighted by the event industry’s accelerated recovery, versus pandemic estimates, with both spending and attendance showing surprising resiliency. MCCA revenues reached $65.5 million, compared to $19.5 million in 2021, a 240% increase. The MCCA also saw non-event revenues bounce back as well, including its parking and commercial streams.
“As we navigated an extremely challenging period of uncertainty for the convention industry and our organization, I’m very pleased with how robust the recovery has been,” said David Gibbons, Executive Director of the Massachusetts Convention Center Authority. “I want to thank our CFO Mike Esmond and his team for their exemplary stewardship during and emerging from the pandemic as we look forward to building on the success of this tremendous recovery.”
“Under David and the Board’s leadership, the MCCA reduced its annual funding need from the CCF substantially,” said Mike Esmond, Chief Financial Officer of the Massachusetts Convention Center Authority. “The pandemic undoubtedly challenged us to focus on our finances in creative and collaborative ways, requiring teamwork from all our departments and partner vendors. By focusing on maximizing non-core revenues and scaling expense to our actual business, while avoiding negative impacts to our valued customers, we are well positioned to continue our success.”
The MCCA has a busy upcoming calendar across its venues and is poised to build off the achievements of FY22 for another successful year.
About the Massachusetts Convention Center Authority (MCCA)
The Massachusetts Convention Center Authority owns and oversees the operations of the Boston Convention & Exhibition Center, the John B. Hynes Veterans Memorial Convention Center, the MassMutual Center in Springfield, MA, the Boston Common Parking Garage, The Lawn On D Powered by Citizens, and The Lot On D. The MCCA's mission is to generate significant regional economic activity by attracting conventions, tradeshows, and other events to its world-class facilities while maximizing the investment return for the residents and businesses in the Commonwealth of Massachusetts.