DeVos Place reports first-ever profit
Although the numbers are preliminary and unaudited, DeVos Place finished the fiscal year in the black.
For the first time in the building’s history, the nearly 10-year-old convention center closed FY13 with an operational surplus of $95,725, according to the financial statements submitted by SMG — the firm that oversees daily operations at DeVos Place and Van Andel Arena.
The surplus marks a huge financial turnaround of $477,812 from the previous fiscal year when the building finished FY12 more than $382,000 in the red.
Last summer’s forecast predicted the center would lose more than $600,000 for the fiscal year.
Event income to the convention center totaled $5.8 million for the year, with conventions and trade shows contributing $2.15 million to the overall take.
Events held in DeVos Performance Hall gave the building another $1.16 million, while consumer shows were worth more than $1 million.
DeVos Place hosted 513 event days from July 1 to June 30, the building’s fiscal year — 16 more than last year.
“DeVos Place concluded a very successful year with a June that far exceeded both budget and forecast, as ancillary spending was much stronger than anticipated. Overall, the revenue and bottom line are historical highs,” said SMG Director of Finance Chris Machuta.
Ancillary income totaled $2.5 million for the year. In FY12, the total was $2.1 million.
The Convention and Arena Authority will meet Friday morning to discuss the year-end results of the convention center, the arena and its own financial position. The CAA “owns” both buildings.
DeVos Place, which replaced the Grand Center as the county’s convention facility, held its first trade show in December 2003.