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HVS MARKET ANALYSIS FOR EXPANDED AUSTIN CONVENTION CENTER Comparative Examples Austin Convention Center EXPANSION STUDY AUSTIN, TEXAS SUBMITTED TO: EXISTIN G Mrs. Trisha Tatro Austin Convention Center 500 East Cesar Chavez Street Austin, Texas 78701 Trisha.Tatro@austintexas.gov +1 (512) 404-4000 HVS Convention, Sports & Entertainment PREPARED BY: Facilities Consulting 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 (312) 587-9900 June 10, 2020 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Demand History The ACC provided HVS with a summary of the number of events and corresponding total attendance that occurred at the facility from 2015 through 2019. The following figure presents the event and attendance history at the ACC for the past five years. FIGURE 1-4 SUMMARY OF DEMAND HISTORY 2015 2016 2017 2018 2019 Event Conventions Tra des hows Cons umer Shows Conferences Ba nquets Meeti ng Sports Concerts & Enterta i nment Other South by Southwes t Total Estimated Attendees Conventions Tra des hows Cons umer Shows Conferences Ba nquets Meeti ng Sports Concerts & Enterta i nment Other South by Southwes t Total 37 2 11 12 7 31 8 1 3 1 113 130,329 1,700 86,063 23,854 12,250 14,225 33,500 900 35 105,000 407,856 38 1 9 11 5 18 4 3 na 1 90 174,600 10,000 45,100 12,875 3,280 8,330 22,700 2,850 na 150,000 429,735 Source: ACC 42 3 16 11 9 25 5 1 2 1 115 186,480 3,200 132,600 17,275 5,775 15,165 29,100 2,500 30 150,000 542,125 36 1 11 12 7 15 3 2 3 1 91 216,500 1,500 80,700 23,400 5,275 7,800 18,000 4,600 32 200,000 557,807 38 1 11 10 6 26 3 1 2 1 99 156,750 1,200 84,700 13,000 8,730 10,913 4,300 1,000 15 200,300 480,908 The ACC hosted between 90 and 115 events per year since 2015. Most events are conventions or meetings, but the ACC also hosts a significant number of conferences and consumer shows. Attendance peaked in 2018 at approximately 560,000 attendees. Although the number of annual events increased from 2018 to 2019, attendance decreased because the average event size was smaller. This change reflects the periodic nature of booking patterns rather than a trend. In any given year, the booking of one or two events with high attendance can cause large swings in annual attendance levels. June 10, 2020 Austin Convention Center 1-13 Introduction Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Demand Projections HVS’s analysis suggests that expanding the ACC would allow it to host larger events, as well as more simultaneous events. The following figure compares the projected demand in a stabilized year in a no expansion scenario, which assumes all planned maintenance and operations remain the same, with projected demand in an expansion scenario, as well as the difference. HVS projects that it will take three years after the expansion is completed for demand to stabilize. FIGURE 1-5 SUMMARY OF DEMAND PROJECTIONS Events Average Attendance Total Attendance Event Type Base 2024 Stabilized 2033 Conventions Tradeshows Consumer Shows Conferences Banquets Meeting Sports Concerts & Entertainment Other South by Southwest 38 2 12 11 7 23 4 2 2 1 Base 2024 4,539 2,923 7,232 1,596 1,051 494 4,623 1,530 9 161,060 Stabilized 2033 4,700 2,200 7,200 2,000 1,100 500 4,700 1,500 10 250,000 65 6 15 35 25 55 6 4 2 1 Base 2024 172,000 6,000 87,000 18,000 7,000 11,000 18,000 3,000 20 161,000 483,000 Stabilized 2033 306,000 13,000 108,000 70,000 28,000 28,000 28,000 6,000 20 250,000 837,000 Total 102 214 Source: HVS HVS projects that expanding the ACC will increase the number of annual events from slightly over 100 to nearly 215. Most of the increase in the number of events comes from meetings, conventions, and conferences. Total attendance is projected to increase by more than 350,000 due to the expansion, with due to more convention and conference attendees. These projections assume that the Covid-19 pandemic has been contained by the time of expansion and the number of events and attendees will recover to historical levels. Financial Projections HVS applied revenue and expense parameters to facility demand to forecast the operations for the proposed ACC expansion. Revenue and expense parameters were derived from analysis of historic financial operations. The figure below compares estimates of financial operations for the ACC in a stabilized year of operation in a no expansion scenario as well as the expansion scenario. The pro forma statement includes operating revenue and expense and all figures are inflated to 2024 dollars. June 10, 2020 Austin Convention Center 1-14 Introduction Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Demand Projections HVS’s analysis suggests that expanding the ACC would allow it to host larger events, as well as more simultaneous events. The following figure compares the projected demand in a stabilized year in a no expansion scenario, which assumes all planned maintenance and operations remain the same, with projected demand in an expansion scenario, as well as the difference. HVS projects that it will take three years after the expansion is completed for demand to stabilize. Event Type Conventions Tradeshows Consumer Shows Conferences Banquets Meeting Sports Other Total Concerts & Entertainment South by Southwest 38 2 12 11 7 23 4 2 2 1 FIGURE 1-5 SUMMARY OF DEMAND PROJECTIONS Events Average Attendance Total Attendance Base 2024 Stabilized 2033 Stabilized 2033 Base 2024 4,539 2,923 7,232 1,596 1,051 494 4,623 4,700 2,200 7,200 2,000 1,100 500 4,700 1,530 9 161,060 1,500 10 250,000 65 6 15 35 25 55 6 4 2 1 Base 2024 172,000 6,000 87,000 18,000 7,000 11,000 18,000 3,000 20 161,000 483,000 Stabilized 2033 306,000 13,000 108,000 70,000 28,000 28,000 28,000 6,000 20 250,000 837,000 102 214 Source: HVS HVS projects that expanding the ACC will increase the number of annual events from slightly over 100 to nearly 215. Most of the increase in the number of events comes from meetings, conventions, and conferences. Total attendance is projected to increase by more than 350,000 due to the expansion, with due to more convention and conference attendees. These projections assume that the Covid-19 pandemic has been contained by the time of expansion and the number of events and attendees will recover to historical levels. Financial Projections HVS applied revenue and expense parameters to facility demand to forecast the operations for the proposed ACC expansion. Revenue and expense parameters were derived from analysis of historic financial operations. The figure below compares estimates of financial operations for the ACC in a stabilized year of operation in a no expansion scenario as well as the expansion scenario. The pro forma statement includes operating revenue and expense and all figures are inflated to 2024 dollars. June 10, 2020 Austin Convention Center 1-14 Introduction Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois December 17, 2021 Ms. Katy Zamesnik Austin Convention Center 500 East Cesar Chavez Street Austin, Texas 78701 katy.zamesnik@austintexas.gov 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 312-587-9900 +1 312-488-3631 FAX www.hvs.com Re: Austin Convention Center Austin, Texas Dear Ms. Zamesnik: Attached you will find our Redevelopment and Expansion Analysis of the Neal Kocurek Memorial Austin Convention Center in Austin, Texas . This report updates the previous report on the Austin Convention Center Expansion, dated June 10, 2020. We certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. It has been a pleasure working with you. We look forward to hearing your comments. Sincerely, HVS Convention, Sports & Entertainment Facilities Consulting Thomas A. Hazinski, MPP Managing Director Anthony Davis, MPP Project Manager Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois ACC Demand Projections conferences and consumer shows. Attendance peaked in 2018 at approximately 560,000 attendees. Although the number of annual events increased from 2018 to 2019, attendance decreased because the average event size was smaller. This change reflects the periodic nature of booking patterns rather than a trend. In any given year, the booking of one or two events with high attendance can cause large swings in annual attendance levels. HVS’s analysis suggests that expanding the ACC would allow it to host larger events, as well as more simultaneous events. The following figure compares the projected demand in a stabilized year in a no expansion scenario, which assumes all planned maintenance and operations remain the same, with projected demand once the redevelopment and expansion is completed. HVS projects that it will take three years after the redevelopment and expansion is completed for demand to stabilize. FIGURE 1-5 ACC DEMAND PROJECTIONS Event Type Conventions Tradeshows Consumer Shows Conferences Banquets Meeting Sports Concerts & Entertainment South by Southwest Total Events Average Attendance Total Attendance No Construction No Construction Expansion Expansion Expansion No Construction 38 1 11 10 6 26 3 1 1 99 60 6 12 30 25 55 6 4 1 199 4,125 1,200 7,700 1,300 1,455 420 1,433 1,000 200,300 4,700 2,200 7,200 2,000 1,100 500 4,700 1,500 250,000 156,750 1,200 84,700 13,000 8,730 10,920 4,299 1,000 200,300 480,899 282,000 13,000 86,000 60,000 28,000 28,000 28,000 6,000 250,000 781,000 The redevelopment and expansion of the ACC is projected to increase the number of annual events by 100, including more than 20 more conventions, conferences, and banquets, and 30 more meetings. In terms of total attendance, the ACC is projected to draw 300,000 more attendees annually after redevelopment and expansion. In a no-construction scenario, the largest events held at the ACC will begin to outgrow the facility and will be forced to move. These lost events can be replaced with other events; however, the replacement events are going to have fewer attendees and room nights than the events that have outgrown the ACC. ACC Construction Scenario Demand HVS also analyzed two construction scenarios for redeveloping and expanding the ACC and how those scenarios would impact ACC demand. The first scenario would December 17, 2021 Introduction and Executive Summary Austin Convention Center 1-11 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois redevelop and expand the ACC in one phase, with the facility being closed from April 2024 until February 2028. The second redevelopment and expansion scenario is a two-phase scenario where half of the ACC is closed while the other half operates. Once the new half construction is completed, scheduled for April 2024 until March 2027, the new half would begin operating as the old half is closed, scheduled from April 2027 until March 2030. The following figure compares demand for the ACC in a one- and two-phase construction scenario. FIGURE 1-6 ACC EXPANSION SCENARIO COMPARISON - DEMAND Events Total Attendees Occupied Room Nights One-Phase Two-Phase One-Phase Two-Phase One-Phase Two-Phase 17 8 8 8 109 145 173 199 199 199 33 21 21 21 21 21 129 153 177 199 796 254,300 27,000 27,000 27,000 561,000 666,000 754,000 781,000 781,000 781,000 271,300 31,000 31,000 31,000 31,000 31,000 560,000 660,000 723,000 781,000 16,400 1,000 1,000 1,000 335,700 413,800 487,500 493,300 493,300 493,300 27,900 5,500 5,500 5,500 5,500 5,500 351,800 396,800 441,700 493,300 Total 1,065 4,659,300 3,150,300 2,736,300 1,739,000 Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 The one-phase approach enables the ACC to host 270 more events and 1.5 million more attendees from 2024-2033 due to the redevelopment and expansion being completed sooner. The two-phase approach allows the ACC to host more events during construction; however, those events will be smaller due to the limited amount of function space in half of the ACC and will be logistically harder to execute. City advisors also indicate that construction will be significantly more expensive, and lasts two more years than the one-phase construction scenario. Historic Hotel Market Using data from STR and the ACC, HVS estimated the historic impact of the ACC on Impact the downtown hotel market in Austin. While most out of town attendees to ACC events stay in the downtown area, the room nights generated by these events affect the room rates and occupancy of the entire city. HVS analysis estimates that the current ACC accounted for approximately $58 million in annual downtown hotel room revenues in Austin from 2015 to 2019. Due to a lack of available data, HVS did not provide a statistical analysis of revenue December 17, 2021 Introduction and Executive Summary Austin Convention Center 1-12 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois redevelop and expand the ACC in one phase, with the facility being closed from April 2024 until February 2028. The second redevelopment and expansion scenario is a two-phase scenario where half of the ACC is closed while the other half operates. Once the new half construction is completed, scheduled for April 2024 until March 2027, the new half would begin operating as the old half is closed, scheduled from April 2027 until March 2030. The following figure compares demand for the ACC in a one- and two-phase construction scenario. ACC EXPANSION SCENARIO COMPARISON - DEMAND FIGURE 1-6 Events Total Attendees Occupied Room Nights One-Phase Two-Phase One-Phase Two-Phase One-Phase Two-Phase 17 8 8 8 109 145 173 199 199 199 33 21 21 21 21 21 129 153 177 199 796 254,300 27,000 27,000 27,000 561,000 666,000 754,000 781,000 781,000 781,000 271,300 31,000 31,000 31,000 31,000 31,000 560,000 660,000 723,000 781,000 16,400 1,000 1,000 1,000 335,700 413,800 487,500 493,300 493,300 493,300 CURRENT • FY2016 • FY2017 • FY2018 2,736,300 235,085 248,101 203,073 27,900 5,500 5,500 5,500 5,500 5,500 351,800 396,800 FORECAST 441,700 493,300 ACC HOTEL ROOM NIGHT GENERATION Total 1,065 4,659,300 3,150,300 1,739,000 Year 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 The one-phase approach enables the ACC to host 270 more events and 1.5 million more attendees from 2024-2033 due to the redevelopment and expansion being completed sooner. The two-phase approach allows the ACC to host more events during construction; however, those events will be smaller due to the limited amount of function space in half of the ACC and will be logistically harder to execute. City advisors also indicate that construction will be significantly more expensive, and lasts two more years than the one-phase construction scenario. Historic Hotel Market Using data from STR and the ACC, HVS estimated the historic impact of the ACC on Impact the downtown hotel market in Austin. While most out of town attendees to ACC events stay in the downtown area, the room nights generated by these events affect the room rates and occupancy of the entire city. HVS analysis estimates that the current ACC accounted for approximately $58 million in annual downtown hotel room revenues in Austin from 2015 to 2019. Due to a lack of available data, HVS did not provide a statistical analysis of revenue December 17, 2021 Introduction and Executive Summary Austin Convention Center 1-12 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Impact of the COVID-19 Similar to most convention centers across the United States, the ACC ceased Pandemic on ACC Performance normal operations in 2020. As of March 2021, Austin Public Health authorized the ACC to operate at 25% capacity, with the expectation of capacity increasing as vaccination rates rose. As of July 2021, the ACC no longer obligates social distancing and has transitioned measures such as health screenings and temperature screenings to be optional services, while cleaning and sanitization protocols remain in place. As of October 2021, the ACC requires event planners to provide information on how they plan to implement COVID mitigation efforts, including requiring a negative test within 72 hours of the event, enabling social distancing, and requiring masks when social distancing in not possible at outdoor events. Indoor events that are larger than 1,000 attendees, and outdoor events larger than 2,500, must be approved by the Austin Department of Public Health. HVS assumes the COVID-19 pandemic to be under control by the time the ACC expansion occurs and does not anticipate any long-term changes in ACC demand due to the impact of COVID-19. Expansion of and Improvements to Competitive Venues Austin is not the only city discussing redevelopment and expansion of their convention center in the wake of COVID-19. Cities that compete with Austin for events are planning expansions and updates of their own, such as Denver, Nashville, Dallas, and Los Angeles. See below for more detailed descriptions of the redevelopment and expansion plans. (cid:0)(cid:0) Denver is in the design and construction phase at the Colorado Convention Center. Expansion plans include adding an 80,000 square foot, column-free ballroom and outdoor terrace, as well as lobby renovations, technological improvements, and additional networking spaces. The new ballroom will be the largest in Colorado and will offer views of the mountains and city skyline. The project is estimated to be completed by the end of 2023. (cid:0)(cid:0) Nashville, despite completing a major expansion in 2017, is already planning on expanding further. The Convention Center Authority issued a request for proposals for the master plan in Summer 2020. (cid:0)(cid:0) The Dallas City Council approved a plan to finance the overhaul and potential replacement of the Dallas Kay Bailey Hutchison Convention Center. The exact scope and specifics of plan are unclear at this time, the facility could be renovated, expanded, or demolished and rebuilt. The project would be funded by the hotel occupancy tax and must begin in the next five years. (cid:0)(cid:0) The City of Los Angeles is partnering with AEG to expand the Los Angeles Convention Center and adjoining JW Marriott. The convention center December 17, 2021 Introduction and Executive Summary Austin Convention Center 1-21  November 6, 2020 DRAFT HOTEL AND MEETING SPACE DEMAND STUDY Monona Terrace Community and Convention Center MADISON, WISCONSIN SUBMITTED TO:EXISTING PREPARED BY: Bill Zeinemann City of Madison One John Nolen Drive Madison, Wisconsin 53703 wzeinemann@mononaterrace.com +1 (608) 261-4010 HVS Convention, Sports & Entertainment Facilities Consulting 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 (312) 587-9900 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois An expanded MTCC with additional headquarters hotel development should allow the city to capture additional convention and other group business from regional corporations and associations, state associations, local corporations, and other groups. The expansion should allow the venue to expand utilization by its existing client base and attract conventions, conferences, and meetings that are not currently accommodated in existing spaces. The following figure presents the difference in demand projections for a stabilized year, which would occur approximately three years after the opening of the expansion. FIGURE 1-6 COMPARISON OF EVENT DEMAND Events Average Attendance Total Attendance Base 2023 Stabilized 2026 Base 2023 Stabilized 2026 30 29 185 21 206 4 22 107 611 40 50 240 25 250 5 22 120 762 700 330 160 5,400 250 3,500 800 390 800 400 160 5,500 250 3,500 800 390 Base 2023 21,000 9,570 29,620 113,400 51,500 14,000 17,600 41,730 298,600 Stabilized 2026 32,000 20,000 38,430 137,500 62,500 17,500 17,600 46,800 372,580 Event Type Conventions Conferences Meetings Consumer Shows Banquets Sports Entertainment Community Events Total Financial Projections For the purposes of this analysis, we assume that expansion opens in 2024, as Based on analysis of comparable venues, online surveys, and lost business, HVS (cid:135)(cid:149)(cid:150)(cid:139)(cid:143)(cid:131)(cid:150)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:16)(cid:23)(cid:6)(cid:6)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:3)(cid:139)(cid:150)(cid:495)(cid:149)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:132)(cid:155)(cid:3)(cid:131)(cid:150)(cid:150)(cid:148)(cid:131)(cid:133)(cid:150)(cid:139)ng expanding its ability to hold simultaneous events. The addition of a 37,000 square foot ballroom and 5,250 square feet of breakout space, along with continued growth in the hotel market, will help the MTCC attract more conventions, conferences, meetings, and banquets. In a stabilized year, we estimated an expanded MTCC can generate 54,540 room nights in the market, an increase 19,250. described in the building program recommendations section of this report. As discussed in our demand analysis, a three-year ramp-up period would be necessary to stabilize the operation in 2026. We initially project financial operations in uninflated 2020 dollars for the opening year and the stabilized year, then apply an inflation rate of 2.5% to all line items (unless otherwise stated). The figure below compares inflated projections for the base year before expansion (2023) with projections for a stabilized year of operations (2026). DRAFT November 6, 2020 Hotel and Meeting Space Demand Study (cid:884) Madison, Wisconsin 1-10 Introduction and Executive Summary  December 1, 2019 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois December 10, 2019 SPENDING AND FISCAL IMPACT ANALYSIS Suite 1650 205 West Randolph MILWAUKEE, WISCONSIN Mr. Marty Brooks Wisconsin Center District Wisconsin Center District 400 West Wisconsin Avenue Milwaukee, Wisconsin 53203 mbrooks@wcd.org Chicago, Illinois 60606 +1 312-587-9900 +1 312-488-3631 FAX www.hvs.com Re: Wisconsin Center District Milwaukee, Wisconsin Dear Mr. Brooks: Attached you will find our DRAFT Spending and Fiscal Impact Analysis of the Wisconsin Center in Milwaukee, Wisconsin. This study analyzes whether an expanded Wisconsin Center will meet certain Special Debt Service Reserve Funds Requirements as identified in Wisconsin Statute 229.50. PREPARED BY: HVS Convention, Sports & Entertainment Facilities Consulting 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 (312) 587-9900 Specifically, HVS determined that the Wisconsin Center District can reasonably expect that an expanded Wisconsin Center will: SUBMITTED TO:EXISTING Mr. Marty Brooks Wisconsin Center District 400 West Wisconsin Avenue Milwaukee, Wisconsin 53203 mbrooks@wcd.org +1 (414) 908-6050 1. Include an exposition hall of at least 100,000 square feet. 2. Support at least 2,000 full time equivalent jobs. 3. Stimulate at least $6.5 billion in total spending in the state over the 30-year period beginning on the date on which the bonds, the proceeds of which will be used to construct the exposition center expansion, are issued. 4. Attract at least 50,000 out-of-state visitors annually. 5. Generate at least $150 million of incremental state income, franchise and sales tax revenues over the 30-year period beginning on the date on which the bonds, the proceeds of which will be used to construct the exposition center expansion, are issued. The attached study provides a detailed description of the methodology and results of the research that supports our conclusions. We certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Event Conventions Trades hows Cons umer Shows /Fairs Conferences Meetings Banquets Exhibit Hall Sports Concerts & Entertainment Arena Sports As s emblies Total Attendee Conventions Trades hows Cons umer Shows /Fairs Conferences Meetings Banquets Exhibit Hall Sports Concerts & Entertainment Arena Sports As s emblies Total FIGURE 6-1 SUMMARY OF DEMAND HISTORY 2015 2016 2017 2018 2019 191 248 262 265 275 15 7 7 25 25 19 11 18 35 29 40,252 27,700 88,600 21,451 8,940 23,180 38,641 96,525 71,834 94,269 511,392 19 6 7 20 30 26 12 38 52 38 38,280 37,772 101,057 30,122 9,303 25,879 43,216 133,050 125,999 124,226 668,904 Source: WCD 14 6 10 19 22 26 11 35 84 35 28,125 51,069 91,633 12,170 12,619 23,991 61,000 125,599 249,091 145,048 800,345 30 4 8 13 21 24 12 42 80 31 91,274 20,275 67,419 11,770 12,020 28,295 48,310 133,984 263,689 140,230 817,266 22 4 12 18 28 24 7 42 92 26 77,717 7,315 116,583 44,875 13,280 23,461 37,000 129,610 272,863 141,224 863,928 The demand profile for the WCD consists of a variety of exhibit-based and other group functions. In 2019, approximately 16% of events used an exhibit hall including conventions, tradeshows, consumer shows, or exhibit hall sports events. Events that used an exhibit hall accounted for 28% of all attendees. Other events that do not use exhibit space include stand-alone meetings, conferences, banquets, exams, and graduations. The demand profile for the WCD includes events that require use of the Wisconsin Center and events that require use of spaces like the UW-Panther Arena and the Miller High Life Theatre. December 10, 2019 Demand Analysis Wisconsin Center District 6-3 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Event Demand Analysis HVS used estimates of the amounts of spending per visitor or attendee to estimate gross direct spending or income imported into the market. Gross direct spending provides the inputs into the IMPLAN model of the State economy. IMPLAN then generates estimates of total net spending. Spending falls into three categories: net direct spending, indirect spending, and induced spending. Many refer to indirect and induced impacts as multiplier effects. The sum of direct, indirect, and induced spending makes up the total estimated spending impact of the Wisconsin Center’s operations. HVS used the IMPLAN model to estimate the increase in employment associated with the total net spending. To estimate fiscal impacts, HVS identified the sources of net new spending that would generate tax revenues. The detailed outputs of the IMPLAN model quantify the tax base for each tax. We applied the appropriate effective tax rate to the estimate of spending to generate fiscal impact estimates. HVS Convention, Sports & Entertainment staff collected and analyzed all information contained in this report. HVS sought out reliable sources and deemed information obtained from third parties to be accurate. HVS assumes that the Wisconsin Center expansion would be complete by January 1, 2023. We approximate that event demand would stabilize in the third year of operation—2025. The figure below shows the growth in event demand and attendance for the Wisconsin Center between the base year and stabilized year post-expansion. Figure 1-3 provides the forecast by type of event. Event Type Conventions Tradeshows Consumer Shows/Fairs Conferences Meetings Banquets Exhibit Hall Sports Concerts & Entertainment Arena Sports Assemblies 20 5 9 19 25 24 11 35 69 32 FIGURE 1-3 DEMAND PROJECTION SUMMARY Events Average Attendance Total Attendance Base 2020 Stabilized 2025 Stabilized 2025 Base 2020 2,656 5,132 10,880 1,281 458 1,059 4,394 3,746 2,741 4,124 30 10 10 35 35 40 10 50 92 30 3,200 5,100 10,900 1,300 500 1,100 5,000 3,700 2,700 4,100 Base 2020 53,000 28,000 96,000 24,000 12,000 25,000 47,000 131,000 188,000 131,000 735,000 Stabilized 2025 96,000 51,000 109,000 46,000 18,000 44,000 50,000 185,000 248,000 123,000 970,000 Total 248 342 December 10, 2019 Introduction and Executive Summary Wisconsin Center District 1-3 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Following an expansion, the Wisconsin Center would increase its attendance through significantly more events requiring exhibit hall space—such as conventions and tradeshows. Conferences would also increase both event demand and attendance due to the availability of multipurpose space. HVS forecasts that in a stabilized year, an expanded Wisconsin Center would increase its total attendance by 235,000. Spending Impact HVS calculated total spending impacts based on the parameters discussed in Section 7 of this report. Figure 1-4 provides the total spending in a stabilized year of operation after expansion (2025). FIGURE 1-4 ANNUAL SPENDING IMPACT ESTIMATES (INFLATED $) Baseline Opened Stabilized 2020 2021 2022 2023 2024 2025 Impact ($ millions) Spending Estimates Net Direct $105.3 $108.0 $110.7 $154.2 $176.4 $192.7 Indirect Induced Total 42.0 42.4 43.1 43.5 44.1 44.6 61.4 62.0 70.2 70.8 76.6 77.2 $189.8 $194.5 $199.4 $277.5 $317.4 $346.4 In a stabilized year, the Wisconsin Center could expect total spending of over $346 million. Based on a multi-year impact model, HVS calculated the future value of spending over the first 30 years beginning with the issuance of debt, as shown in Figure 1-5. December 10, 2019 Introduction and Executive Summary Wisconsin Center District 1-4  Market & Feasibility Study Phase III Expansion Midwest Express Center Milwaukee, Wisconsin Mr. Doug Neilson President Greater Milwaukee Convention & Visitor’s Bureau 101 West Wisconsin Ave., Suite 425 Milwaukee, WI 53203 414-273-3950 Phone 414-273-5596 Fax Submitted to: Mr. Richard Geyer President Wisconsin Center District 400 West Wisconsin Ave. Milwaukee, WI 53203 414-908-6050 Phone 414-908-6010 Fax Prepared by: HVS Convention, Sports, & Entertainment Facilities Consulting 445 West Erie Street, Suite 1A Chicago, Illinois 60610 (312) 587-9900 (312) 587-9908 FAX January 17, 2002  January 17, 2002 Mr. Doug Neilson President Greater Milwaukee Convention & Visitors Bureau 101 West Wisconsin Avenue, Suite 425 Milwaukee, WI 53203 (414) 273-3950 (414) 273-5596 FAX Mr. Richard Geyer President Wisconsin Center District 400 West Wisconsin Avenue Milwaukee, WI 53203 (414) 908-6050 (414) 908-6010 FAX 445 West Erie Suite 1-A Chicago, IL 60610 (312) 587-9900 (312) 587-9908 FAX www.hvsinternational.com New York Denver San Francisco Miami Orlando Chicago Vancouver Toronto London New Delhi Singapore São Paulo Buenos Aires Re: Phase Three Expansion Midwest Express Center Milwaukee, Wisconsin Dear Mr. Neilson and Mr. Geyer: Pursuant to your request, we herewith submit our feasibility study pertaining to the above-captioned project. We have analyzed current market conditions and the historical financial operations of the Wisconsin Center District. Our conclusions are based on our present knowledge of the convention and meetings industry and the fieldwork and research completed to date. We hereby certify that we have no undisclosed interest in the project, and our employment and compensation are not contingent upon our findings. The market and feasibility study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. We have enjoyed serving you on this assignment. Very sincerely yours, HVS Convention, Sports & Entertainment Facilities Consulting HVS Convention, Sports & Entertainment Facilities Consulting MEC Phase III Feasibility Study Demand Analysis Section 6-2 HVS Convention, Sports & Entertainment Facilities Consulting MEC Phase III Feasibility Study Demand Analysis Section 6-2 Events at the Midwest Express Center, US Cellular Arena, and Milwaukee Table 6-1 Auditorium/Theater Event Type Events Conventions Tradeshows Consumer Shows Meeting/Seminar Table 6-1 Events at Auditorium/Theater Banquets Concert/Entertainment Sporting Events Other Event Type Total Events Events Average Attendance Conventions Conventions Tradeshows Tradeshows Consumer Shows Consumer Shows Meeting/Seminar Meeting/Seminar Banquets Banquets Concert/Entertainment Concert/Entertainment Sporting Events Sporting Events Other Other Total Events Total Attendance Average Attendance Conventions Conventions Tradeshows Tradeshows Consumer Shows Consumer Shows Meeting/Seminar Meeting/Seminar Banquets Banquets Concert/Entertainment Concert/Entertainment Sporting Events Sporting Events Other Other Total Attendance Total Attendance Conventions Tradeshows 1997 1998 1999 2000 2001 34 27 39 36 32 15 16 12 21 16 23 24 23 20 21 39 59 123 108 68 29 23 28 36 1997 227 87 22 29 26 1998 290 130 17 29 42 1999 415 108 20 36 39 2000 388 90 22 82 33 2001 364 the Midwest Express Center, US Cellular Arena, and Milwaukee 34 4,076 15 2,820 23 15,091 39 944 29 769 23 7,370 28 1,557 36 2,308 227 138,600 4,076 42,300 2,820 347,100 15,091 36,800 944 22,300 769 169,500 7,370 43,600 1,557 2,308 83,100 27 na 16 na 24 na 59 na 87 na 22 na 29 na 26 na 290 39 2,436 12 2,833 23 15,174 123 504 130 577 17 10,706 29 3,345 42 1,929 415 36 4,009 21 4,807 20 12,839 108 682 108 540 20 10,620 36 2,483 39 2,051 388 32 3,894 16 3,711 21 17,929 68 493 90 545 22 7,571 82 1,608 33 2,049 364 95,000 2,436 34,000 2,833 349,000 15,174 62,000 504 75,000 577 182,000 10,706 97,000 3,345 1,929 81,000 144,333 4,009 100,950 4,807 256,776 12,839 73,620 682 58,276 540 212,400 10,620 89,401 2,483 2,051 75,894 124,620 3,894 59,375 3,711 376,500 17,929 33,519 493 49,008 545 166,554 7,571 131,895 1,608 2,049 67,605 na na na na na na na na na na na na na na na na na na 975,000 95,000 Sources: Wisconsin Center District and HVS 34,000 883,300 138,600 42,300 na na na 1,011,650 144,333 100,950 1,009,076 124,620 59,375 Consumer Shows 347,100 349,000 256,776 376,500 The MEC has enabled Milwaukee to improve its penetration of the 73,620 33,519 Meeting/Seminar 62,000 36,800 convention market. Initial increases in convention demand have dropped Banquets 22,300 58,276 49,008 75,000 na slightly in 2000 and 2001. However, the number of convention attendees Concert/Entertainment 182,000 212,400 166,554 169,500 na increased in 2000 and remained at a level above previous years in 2001, Sporting Events 131,895 43,600 89,401 97,000 na Other despite fewer events in both years. A ballroom expansion resulted in an influx of banquet events in 1998, increasing the overall number of events by 975,000 1,011,650 1,009,076 Total Attendance 883,300 81,000 75,894 67,605 83,100 na na Sources: Wisconsin Center District and HVS The MEC has enabled Milwaukee to improve its penetration of the convention market. Initial increases in convention demand have dropped slightly in 2000 and 2001. However, the number of convention attendees increased in 2000 and remained at a level above previous years in 2001, despite fewer events in both years. A ballroom expansion resulted in an influx of banquet events in 1998, increasing the overall number of events by HVS Convention, Sports & Entertainment Facilities Consulting MEC Phase III Feasibility Study Salient Data and Conclusions 1-2 Historical Event Demand and Attendance Projected Event Demand and Attendance (stabilized year after expansion) Projected Economic Impact (stabilized year after expansion) Historical Event Demand and Attendance Year 1999 2000 2001 Number of Events Attendance 415 388 364 Source: HVS 975,000 1,011,650 1,009,076 Projected Event Demand and Attendance No-Expansion Scenario Expansion Scenario Change Event Type Events Attendance Events Attendance Events Attendance Conventions Tradeshows Consumer Shows Meetings/Seminars Banquets Sporting Events Concerts/Entertainment Other Total 30 17 15 75 110 30 85 35 397 108,000 58,000 278,000 38,000 61,000 45,000 361,000 35,000 984,000 36 20 20 100 135 30 85 40 466 Source: HVS Projected Economic Impact ($ in millions) 162,000 84,000 400,000 50,000 74,000 45,000 361,000 50,000 1,226,000 6 3 5 25 25 0 0 5 69 54,000 26,000 122,000 12,000 13,000 0 0 15,000 242,000 Type of Impact Direct by Source Delegate Association Exhibitor Spending Total Direct Impact Indirect* Induced* Total * Total industry output. No-Expansion Scenario Expansion Scenario New Impact Spending Jobs Spending Jobs Spending Jobs $89.8 9.2 15.8 $114.8 $29.2 41.2 $185.2 $136.1 13.3 25.0 $174.4 $44.5 62.6 $281.5 2,721 339 545 3,605 Source: HVS $46.3 4.1 9.2 $59.6 $15.3 21.4 $96.3 4,130 517 828 5,475 1,409 178 283 1,870 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois November 16, 2017 MARKET & FUTURE STRATEGIES STUDY Kay Bailey Hutchison Convention Mr. Fred Euler Tourism Property Improvement District Center 300 Reunion Boulevard Dallas, Texas, 75207 DALLAS, TEXAS Re: Kay Bailey Hutchison Convention Center Dallas, Texas Dear Mr. Euler: SUBMITTED TO:EXISTI Mr. Fred Euler Tourism Property Improvement District 300 Reunion Boulevard Dallas, Texas, 75207 +1 (214) 651-1234 Facilities Consulting 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 (312) 587-9900 Attached you will find our Market & Future Strategies Study of the Kay Bailey Hutchison Convention Center in Dallas, Texas. HVS Convention, Sports & Entertainment PREPARED BY: We certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. It has been a pleasure working with you. Please let us know if we can provide any additional services. Sincerely, HVS Convention, Sports & Entertainment Facilities Consulting Thomas A Hazinski, MPP Managing Director Catherine Sarrett, MBA Senior Director 205 West Randolph Suite 1650 Chicago, Illinois 60606 +1 312-587-9900 +1 312-488-3631 FAX www.hvs.com Atlanta Boston Boulder Chicago Dallas Denver Las Vegas Mexico City Miami Nassau New York Newport San Francisco Toronto Vancouver June 6, 2017 Washington Athens Buenos Aires Dubái Hong Kong Lima London Madrid Mumbai New Delhi Sao Paulo Shanghai Singapore Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois Facilities Consulting Chicago, Illinois Conventions and trade shows provide the highest percentage of attendees, Convention, Sports & Entertainment followed by consumer shows and sporting events. Other events, including local meetings, graduations, and stand-alone banquets, represent a small percentage of event attendees. HVS reviewed detailed event information on events that occurred at the facility during fiscal years 2015 and 2016. The following figure presents the detailed event and attendance history at the KHBCC for the most recent fiscal years. FIGURE 8-3 SUMMARY OF DEMAND HISTORY Conventions and trade shows provide the highest percentage of attendees, followed by consumer shows and sporting events. Other events, including local Event Type 2014/15 2015/16 meetings, graduations, and stand-alone banquets, represent a small percentage of event attendees. HVS reviewed detailed event information on events that occurred Events at the facility during fiscal years 2015 and 2016. The following figure presents the Conventi ons & Tra des hows 22 31 detailed event and attendance history at the KHBCC for the most recent fiscal Conferences 10 14 years. Cons umer Shows 14 17 28 FIGURE 8-3 5 SUMMARY OF DEMAND HISTORY 7 Sports /Competi tions Meeti ngs Ba nquets As sembl i es Concerts & Enterta i nment Other - 2014/15 Event Type 5 2015/16 6 9 17 20 6 3 - 106 31 14 13,800 9 2,500 17 33,600 20 14,000 6 800 3 500 - 5,300 6 - 106 3,400 13,800 428,400 2,500 34,400 33,600 302,500 14,000 237,700 800 16,200 500 3,100 5,300 16,000 - - 3,400 20,400 1,058,700 428,400 34,400 302,500 237,700 16,200 3,100 16,000 - 20,400 108 22 10 10,700 14 2,300 17 26,800 28 10,200 5 1,200 7 600 - 4,700 5 - 108 11,700 10,700 235,100 2,300 22,500 26,800 375,000 10,200 172,800 1,200 34,200 600 3,200 4,700 33,000 - - 11,700 58,300 934,100 235,100 22,500 375,000 172,800 34,200 3,200 33,000 - 58,300 Source: KHBCC, restated by HVS 934,100 1,058,700 Source: KHBCC, restated by HVS Total Events Conventi ons & Tra des hows Average Attendance Conferences Conventi ons & Tra des hows Cons umer Shows Conferences Sports /Competi tions Cons umer Shows Meeti ngs Sports /Competi tions Ba nquets Meeti ngs As sembl i es Ba nquets Concerts & Enterta i nment As sembl i es Other Concerts & Enterta i nment Total Other Average Attendance Total Attendance Conventi ons & Tra des hows Conventi ons & Tra des hows Conferences Conferences Cons umer Shows Cons umer Shows Sports /Competi tions Sports /Competi tions Meeti ngs Meeti ngs Ba nquets Ba nquets As sembl i es As sembl i es Concerts & Enterta i nment Concerts & Enterta i nment Other Other Total Attendance Total Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi tions Meeti ngs Ba nquets As sembl i es Other Total November 16, 2017 Market & Future Strategies Study Kay Bailey Hutchison Convention Center Concerts & Enterta i nment Convention Center Demand Analysis 8-3 November 16, 2017 Market & Future Strategies Study Kay Bailey Hutchison Convention Center Convention Center Demand Analysis 8-3 Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois FIGURE 8-11 SUMMARY OF DEMAND PROJECTIONS WITH EXPANSION Historical 2021/22 2022/23 2023/24 Total 109 125 137 148 Events Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Concerts & Enterta i nment Other Average Attendance Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Other Total Attendance Concerts & Enterta i nment Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Other Total Concerts & Enterta i nment 28 12 9 17 24 6 6 1 6 12,400 2,300 33,600 14,000 800 500 5,300 3,500 3,400 348,200 28,000 302,500 237,700 19,500 3,100 32,000 3,500 20,400 36 17 9 18 24 8 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 399,600 43,300 302,500 251,600 19,500 4,100 32,000 3,500 20,400 41 21 9 19 24 10 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 455,100 52,900 302,500 265,600 19,500 5,100 32,000 3,500 20,400 45 25 9 20 24 12 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 499,500 64,400 302,500 279,600 19,500 6,100 32,000 3,500 20,400 994,900 1,076,500 1,156,600 1,227,500 The following figure presents the event demand and attendance projections for a typical year under a “No Expansion” scenario. November 16, 2017 Market & Future Strategies Study Kay Bailey Hutchison Convention Center 8-11 Convention Center Demand Analysis Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois FIGURE 8-11 SUMMARY OF DEMAND PROJECTIONS WITH EXPANSION Historical 2021/22 2022/23 2023/24 Events Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Other Total Concerts & Enterta i nment Average Attendance Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Concerts & Enterta i nment Other Total Attendance Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Ba nquets As s embl i es Concerts & Enterta i nment Other 109 125 137 148 28 12 9 17 24 6 6 1 6 12,400 2,300 33,600 14,000 800 500 5,300 3,500 3,400 348,200 28,000 302,500 237,700 19,500 3,100 32,000 3,500 20,400 36 17 9 18 24 8 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 399,600 43,300 302,500 251,600 19,500 4,100 32,000 3,500 20,400 41 21 9 19 24 10 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 455,100 52,900 302,500 265,600 19,500 5,100 32,000 3,500 20,400 45 25 9 20 24 12 6 1 6 11,100 2,600 33,600 14,000 800 500 5,300 3,500 3,400 499,500 64,400 302,500 279,600 19,500 6,100 32,000 3,500 20,400 Total 994,900 1,076,500 1,156,600 1,227,500 The following figure presents the event demand and attendance projections for a typical year under a “No Expansion” scenario. November 16, 2017 Market & Future Strategies Study Kay Bailey Hutchison Convention Center 8-11 Convention Center Demand Analysis Convention, Sports & Entertainment Facilities Consulting Chicago, Illinois night assumptions on historical KHBCC and VisitDallas data, and other industry research. The figure includes only those events that generate rooms nights in the market. FIGURE 8-13 ASSUMPTIONS FOR ROOM NIGHTS Type of Event Pre-Expansion Expansion Length of Stay Percent Lodgers Length of Stay Percent Lodgers Conventi ons & Tra des hows Conferences Consumer Shows Sports /Competi ti ons Meeti ngs 3.5 2.0 1.0 2.0 1.0 26% 60% 2% 46% 35% 3.5 2.0 1.0 2.0 1.0 31% 60% 2% 46% 35% The introduction of the expanded KHBCC and hotel would result in a greater number of higher impact conventions and tradeshows in Dallas and a greater number of out-of-town visitors who require lodging. The following figure presents an estimate of historical room nights and the resulting incremental room nights generated after the proposed expansion and hotel development through a stabilized year of demand. The following figure presents the resulting room night generation through year 2023/24, the first year of stabilized demand. FIGURE 8-14 ROOM NIGHT ESTIMATES Type Historical 2021/22 2022/23 2023/24 2024/25 Conventi ons & Tra des hows Conferences Cons umer Shows Sports /Competi ti ons Meeti ngs Total 262,800 23,600 3,000 108,100 5,500 403,000 293,000 34,600 3,000 114,500 5,500 450,600 333,700 42,300 3,000 120,900 5,500 505,400 366,300 51,500 3,000 127,200 5,500 553,500 366,300 51,500 3,000 127,200 5,500 553,500 In a stabilized year, HVS estimates that the expanded KHBCC would generate approximately 553,500 room nights in the local area market. Some of these room nights would result from contract blocks with groups and others would result from individual hotel reservations. HVS intends for demand projections to show the expected levels of event numbers and attendance. Projections show smooth growth over time. However, event November 16, 2017 Market & Future Strategies Study Kay Bailey Hutchison Convention Center 8-14 Convention Center Demand Analysis HVS PREVIOUS FORECAST EXAMPLES RALEIGH CONVENTION CENTER SAN ANTONIO GRAND HYATT CONVENTION CENTER HOTEL (cid:14) (cid:18) (cid:17) (cid:16) (cid:15) (cid:13) (cid:11) (cid:10) (cid:10) (cid:9) (cid:12) (cid:7)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:6)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:5)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:4)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:3)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:1)(cid:2)(cid:2)(cid:2)(cid:2)(cid:2) (cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:3)(cid:7)(cid:6)(cid:4)(cid:8)(cid:6)(cid:3)(cid:9)(cid:10)(cid:3)(cid:5)(cid:7)(cid:6)(cid:3)(cid:4) (cid:11)(cid:6)(cid:6)(cid:12)(cid:4)(cid:3)(cid:7)(cid:13)(cid:14)(cid:5)(cid:1)(cid:4)(cid:15)(cid:16)(cid:4)(cid:16)(cid:10)(cid:2)(cid:11) (cid:24)(cid:10)(cid:13)(cid:25)(cid:20)(cid:13)(cid:17)(cid:14)(cid:10)(cid:13)(cid:12)(cid:24)(cid:20)(cid:13)(cid:17)(cid:20)(cid:9)(cid:12)(cid:20)(cid:26)(cid:23)(cid:21)(cid:13)(cid:18)(cid:14)(cid:10)(cid:13) (cid:10)(cid:23)(cid:20)(cid:13)(cid:20)(cid:22) (cid:15)(cid:9)(cid:21)(cid:13)(cid:22)(cid:12)(cid:16)(cid:19)(cid:21)(cid:17)(cid:17)(cid:12)(cid:10)(cid:23)(cid:20)(cid:13)(cid:20)(cid:22) (cid:7)(cid:6)(cid:6)(cid:1) (cid:8)(cid:2)(cid:2)(cid:2) (cid:8)(cid:2)(cid:2)(cid:1) (cid:8)(cid:2)(cid:7)(cid:2) (cid:8)(cid:2)(cid:7)(cid:1) (cid:8)(cid:2)(cid:8)(cid:2) (cid:19)(cid:20)(cid:21)(cid:9) (cid:1)(cid:2)(cid:3)(cid:4)(cid:2)(cid:3)(cid:5)(cid:6)(cid:3)(cid:7)(cid:6)(cid:4)(cid:8)(cid:9)(cid:2)(cid:3)(cid:10)(cid:4)(cid:11)(cid:12)(cid:2)(cid:5)(cid:5) (cid:13)(cid:6)(cid:9)(cid:14)(cid:15)(cid:2)(cid:1)(cid:5)(cid:4)(cid:2)(cid:3)(cid:10)(cid:4)(cid:2)(cid:15)(cid:5)(cid:16)(cid:2)(cid:17)(cid:4)(cid:9)(cid:14)(cid:18)(cid:19)(cid:2)(cid:9) (cid:20)(cid:12)(cid:4)(cid:12)(cid:14)(cid:2)(cid:9) (cid:12) (cid:23) (cid:18) (cid:18) (cid:13) (cid:14) (cid:11) (cid:22) (cid:7) (cid:11) (cid:21) (cid:7) (cid:15) (cid:7) (cid:13) (cid:14) (cid:16) (cid:14) (cid:10) (cid:20) (cid:14) (cid:15) (cid:14) (cid:13) (cid:12) (cid:12) (cid:3)(cid:1)(cid:2) (cid:3)(cid:6)(cid:2) (cid:3)(cid:5)(cid:2) (cid:3)(cid:4)(cid:2) (cid:3)(cid:2)(cid:2) (cid:1)(cid:2) (cid:7)(cid:8)(cid:9)(cid:10)(cid:7)(cid:11)(cid:12)(cid:13)(cid:14)(cid:15)(cid:16)(cid:7)(cid:13) (cid:17)(cid:18)(cid:13)(cid:14)(cid:8)(cid:7)(cid:19)(cid:9)(cid:12)(cid:13)(cid:14)(cid:15)(cid:16)(cid:7)(cid:13) (cid:4)(cid:2)(cid:2)(cid:6) (cid:4)(cid:2)(cid:2)(cid:1) (cid:4)(cid:2)(cid:3)(cid:2) (cid:4)(cid:2)(cid:3)(cid:4) (cid:4)(cid:2)(cid:3)(cid:5) (cid:4)(cid:2)(cid:3)(cid:6) (cid:4)(cid:2)(cid:3)(cid:1) (cid:4)(cid:2)(cid:4)(cid:2) (cid:24)(cid:14)(cid:7)(cid:13) NASHVILLE MUSIC CITY CENTER NASHVILLE MUSIC CITY CENTER— ANNUAL HOTEL ROOM NIGHTS • FISCAL YEAR 2014 • FISCAL YEAR 2015 • FISCAL YEAR 2016 • FISCAL YEAR 2017 • FISCAL YEAR 2018 • FISCAL YEAR 2019 272,917 389,696 359,390 317,893 359,838 381,401 QUESTIONS?