Item - 2024.EP11.11

The Board of Governors of Exhibition Place:

1. Received the report (August 30, 2024) from the Chief Executive Officer, Exhibition Place for information.

The Director, HLT Advisory gave a presentation on Exhibition Place Economic Impact Report.

Exhibition Place is a thriving hub for Canada’s most significant conventions and exhibitions, entertainment, sporting events, and cultural attractions. Visitors to the many venues and events across Exhibition Place contribute to the local and regional economy. The events, conferences, tradeshows, and other activities at Exhibition Place attract guests who are critical sources of spending and economic activity for local businesses, airlines, hotels, retail, restaurants, transportation services, and the entire supply chain affected by the goods and services they provide.

Appendix A contains an economic impact report prepared by HLT Advisory ("HLT"). using the Economic Impact Calculator ("EIC"), developed by Tourism Economics, an Oxford Economics Company, and used by over 300 destinations worldwide, this study measures the direct and indirect economic impacts generated by events at Exhibition Place. Additionally, Exhibition Place manages and coordinates ancillary business activities that do not meet the modelling criteria for the EIC study. Financials from these enterprises are included in this study.

In 2023, the study indicated that Exhibition Place generated an economic impact of $594.5 million. This independent study proves that trade and consumer show and other events are a major piece of the tourism industry which supports hotels, restaurants, and hundreds of businesses and jobs. These recurring positive impacts easily exceed amortized public capital costs and the benefits of events to the overall local, provincial, and federal economies.

Staff from HLT will present a summary of the key findings from their report to the Board.