Meetings Mean Money for London
The London Convention Centre acts as a vehicle for spending that ends up practically everywhere within the local economy. From the moment delegates arrive, they begin using a whole range of goods and services required to accommodate, feed, entertain, supply and transport.
In general, Convention delegates spend approximately four times what other tourists do on a daily basis, injecting a large amount of new money into the local economy. That is good business for everyone.
Hotels obviously get their share. But so do London’s restaurants, attractions, taxis, retail outlets, entertainment facilities and a host of other businesses that collectively make up the delegate experience. Additionally, every activity within the London Convention Centre itself draws upon a wide range of services and supplies, from food and beverage to displays and from performers to communications companies. The bigger and more complex an event and the more suppliers involved, the greater the impact to the community. This is how the economic impact is measured.
London Convention Centre hosted events also generate tax revenues that support schools, hospitals, roads and more. Non-local delegates bring new money into the community which means less money coming out of residents’ pockets.
The economic impact of the London Convention Centre is significant and provides many reasons to feel fortunate to have this type of facility in London.
The economic impact on London’s economy by the LCC’s record revenue in 2011 was $19.6 million, as determined by using multipliers established by the Ministry of Ontario’s Tourism Regional Economic Impact Model. The model suggests that for every dollar spent on LCC events nearly four additional dollars were spent in the city. Over the past 5 years the LCC has added a total of$73.4 million in economic impact to London.
In 2011 the LCC hosted 353 events 50 of which were conventions, conferences or multi‐daymeetings. The largest convention was the Association of Municipalities of Ontario (AMO) in August with 1200 daily delegates. This conference alone is estimated to have contributed $1.44million in economic impact.