International Convention Centre Sydney (ICC Sydney) has released its Annual Performance Review revealing delegates attending events at the venue generated $510 million in direct expenditure for New South Wales (NSW), despite the economic fallout from Covid-19 on the 2019/20 financial operating year.
The report shows a year in two parts, with Australia’s premier convention venue initially on track for another strong year. This was cut short from mid-March onward.
In the first eight months of 2019/20, ICC Sydney generated A$510 million in delegate expenditure for the State and created 2,806 local jobs, demonstrating the ongoing value of the $1.5 billion development to the local economy and jobs. This was however down by A$386 million from FY2018/19 due to four months of lost operations. In 2018/19, 12 months of events generated A$896 million in delegate expenditure and 5,790 jobs (Estimate based on like-for-like comparison).
Of the A$510 million in expenditure generated in 2019/20, 73% (A$375 million) came from 70,593 international visitors, who also contributed to 981,445 overnight stays in Sydney. This in turn drove continued investment in local hotel refurbishment and development, but was significantly down on 1.77 million overnight stays in the previous year due to gathering and travel restrictions from mid-March.
Between March and 30 June 2020, the venue delivered 55 virtual events, including pro bono events for government agencies, industry associations and charities. ICC Sydney also provided its facilities to NSW emergency services for parking and the military utilised the venue’s expansive space for training.
ICC Sydney also continued to deliver on its social, environmental and economic commitments to the local community in 2019/20. The venue committed to purchasing 100% NSW wines, supported 135 regional or NSW suppliers, won the global exhibition industry Sustainable Development Award and was named the KARI Foundation Partner of the Year. It also launched initiatives with clients through a Legacy and CSR program.
The 49 page Annual Performance Review can be downloaded here (PDF).