Pasadena Convention Center, ice skating facility revenue expected to recover to pre-pandemic levels in 2023 – Pasadena Now
The Pasadena Center Operating Company (PCOC) has raised its fiscal 2023 revenue forecast as it remains optimistic that operations at the Pasadena Convention Center and other facilities will return to pre-pandemic levels next year. next.
At the PCOC’s Economic Development and Technology Committee meeting on the 2023 budget on Tuesday, May 3, representatives from the PCOC, a nonprofit corporation formed by the city to operate the Pasadena Convention Center, Pasadena Civic Auditorium , the Pasadena Convention & Visitors Bureau, and the Pasadena Ice Skating Center, said it expects total revenue of $24.6 million for fiscal 2023, more than $4 million more than projected revenue. of the previous fiscal year and close to the revenues generated in 2019, which are $25 million.
The PCOC is funded by income earned from its facilities, the proceeds of a Tourism Business Improvement District (TBID) which is funded by a hotel/motel appraisal and a portion of the Transient Occupancy Tax (TOT ) of the hotel / motel depending on the city. website.
Michael Ross, chief executive of the PCOC, said that of the total revenue expected for next year, $10.2 million is expected to come from the convention center, civic auditorium, parking lot and skating center on ice. This figure is $3 million higher than the 2022 forecast.
The Convention Center and Civic Auditorium reopened to the public in June 2021 while the Ice Skating Center reopened in April 2021. In fiscal year 2021, the Convention Center and Civic Auditorium generated 1 $.1 million in revenue while the ice skating center brought in $264,000.
According to Ross, the PCOC will host 22 conventions in fiscal year 2023. For the next fiscal year, the convention center and civic auditorium are expected to generate revenue of $6.3 million, which is $2 million more than forecasts for 2022.
The installations brought in $6.9 million in revenue in 2019.
The PCOC hopes that ice skating revenue will even surpass 2019 levels.
“Parking will be back to 2019 levels of $1.2 million and the ice skating center we think will top 2019 and that’s mainly because people want to get back into ice skating and we also had an Olympics bump that happens every few years,” Ross said.
According to Ross, funding for TOTT and TBID is also expected to increase by 35% next year.
The PCOC expects to receive $10.8 million in TOT funding, surpassing what was recorded in 2019 of $10.2 million, and $3.6 million in TBID funding.
While the PCOC expects pre-pandemic revenue, it also expects expenses for fiscal year 2023 to be slightly above pre-pandemic levels.
“Inflation, minimum wage is going up, we’re hoping to keep it somewhere very close to 2019,” Ross said. “At the Ice Skating Centre, expenses are up, mainly due to the increase in the minimum wage.
The PCOC plans to spend a total of $24.2 million for fiscal year 2023. It spent $23.9 million for fiscal year 2019.