Massachusetts Convention Center Authority claims most financially successful year ever

The Massachusetts Convention Center Authority (MCCA) has announced that in FY22 it has just completed its most financially successful year on record. After two historically challenging years, the MCCA rebounded strongly 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 $870m. “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 in the accomplishment of these results, according to the MCCA, including the event industry’s accelerated recovery, versus pandemic estimates, with both spending and attendance showing surprising resiliency. MCCA revenues reached $65.5m, compared to $19.5m in 2021, a 240% increase. The MCCA also saw non-event revenues bounce back as well, including its parking and commercial streams. “I’m very pleased with how robust the recovery has been,” said David Gibbons, MCCA executive director. “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.” Esmond added: “The pandemic undoubtedly challenged us to focus on our finances in creative and collaborative ways. By focusing on maximising 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.” MCCA 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. Photo: Boston Convention & Exhibition Center (BCEC)