The Lynnwood Convention Center reported a solid year in 2012, according to its recently released annual report.
The report noted that total event booking in 2012 was 411, up from 398 in 2012. Event attendance also showed a healthy increase to 88,270 from 71,113 in 2011.
Gross revenue in 2012 was $2,527,918 as compared to $2,204,894 in 2011. The economic impact was estimated to be $20.3 million in 2012, an 18 percent increase over the $17.1 million in 2011.
The report stated that convention attendees spend money in the community by eating in restaurants, staying in hotels and shopping in retail stores. Since 2009, Lynnwood hotels have experienced an increase in occupancy rates and average daily rate. In 2012, Lynnwood hotels experienced a 4.1 percent in average daily rate. Due to these increased rates, annual lodging tax revenue to the city increased by $18.060 or 3.5 percent.
The Lynnwood Convention Center estimates that the average convention attendee spends $818.50, while the average tradeshow attendee spends $1,123.65. The average consumer show attendee spends $203.28 and the average banquet attendee spends $85.43.
Total revenues ($5,649,241) in 2012 showed a 7.7 percent increase from 2011 ($5,245,874). Total expenses showed a 4.6 percent decline ($5,325,128 in 2012; $5,582,955 in 2011).
The convention center received a 94 percent guest service rating. In 2012, it produced approximately 60 tons of waste. With its green initiative, the convention center recycled an estimated 43.9 percent and composted an estimated 28.3 percent. In 2013, the convention center added new composting stations.
The convention center donated more than 9,000 pounds of food to the Lynnwood Food Bank. It also received its third nomination as the Best Convention Center in Washington State by the readers of Northwest Meeting & Events magazine.
The Lynnwood Convention Center is owned by the Lynnwood Public Facilities District, which uses a combination of lodging tax, sales tax and its own operating revenue to fund operations and retired its debt. In 2012, the Lynnwood Public Facilities District total net assets exceeded its liabilities by $1.7 million.
For more information see the annual report here.