Cobo revenue tops $23 million for 2014 fiscal year
Detroit — Cobo Center has earned $23.4 million in revenue in the first 11 months of thisfiscal year, officials said Tuesday.
That revenue has put Cobo Center $961,000 ahead of budget as of Aug. 31, according to the Detroit Regional Convention Facility Authority, which took over operations of Cobo Center from the city of Detroit in 2009. Numbers are still being calculated for the final month.
"We are thrilled with the financial performance because it reflects our hard work, strong management and focus on customer satisfaction, but we aren't even close to where we want to be and need to be in future years," said Patrick Bero, CEO/CFO of the Detroit Regional Convention Facility Authority in a statement Tuesday.
The announcement Tuesday follows an statement last month from Cobo Center officials that the downtown convention center is experiencing its most successful year in recent history, that includes the current $279 million renovation and expansion.
Cobo's total operating expenses through the 11 months were $14.54 million, nearly $35,000 under budget. Officials credited tighter control over expenses.
In September, Coboofficials announced that bookings have reached a 20-year high with several new multi-year event contracts. Three recent trade shows at Cobo exceeded anticipated attendance. officials said.