Metro Toronto Convention Centre Boosts Toronto's Economy in Record Year
The Metro Toronto Convention Centre (MTCC) announced that it gave Toronto's economy a boost by generating a record-breaking $594 million in direct spending economic impact during its 2017/18 fiscal year. This is the biggest contribution to Toronto in the facility's history.
Direct spending economic impact is created when conference, trade and public show attendees spend on dining, hotel nights, shopping, transportation and more in Toronto. Based on the Ontario Tourism Regional Economic Impact Model (TREIM), the MTCC also sustained a record-breaking 7,622 jobs in the community and generated $155 million in federal, provincial and municipal taxes.
Fiscal 2017/18 was an outstanding year for the MTCC, with additional records broken in many categories including gross revenue, net income and citywide bid wins. The MTCC generated approximately $81 million in gross revenue, a new facility record which represents a 24% increase from the year prior. As a result, the Centre's dividend to the Province of Ontario was also the best ever on record at $9 million, 29% larger than last year.
The MTCC set yet another significant facility record by securing 21 citywide conventions for future years last fiscal, 19 from outside of Canada. This speaks to the positive business sentiment surrounding Toronto on an international level and to the city's thriving health sciences and technology sectors.
"The excellent financial results of fiscal year 2017/18 stand as an incredible achievement for our Centre. We are certainly proud of our success and how it translates to a significant positive impact on the economies of Toronto and the Province of Ontario," said Harald Thiel, Chair of the Board of Directors at the Metro Toronto Convention Centre.
"I am extremely proud of our team and of our record-breaking contribution to Toronto in fiscal year 2017/18", said Barry Smith, President and CEO at the Metro Toronto Convention Centre. "These results reflect our commitment to our city and province. We look forward to another successful year."