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FY07 ANNUAL REPORT

The San Diego Convention Center Corporation’s commitment to excellence has made us one of the world’s preeminent convention centers. As you would expect from a world-class facility, we have successfully attracted the industries topdrawer conventions which fuel the local economy and serve as catalyst for the revitalized, thriving downtown landscape that both visitors and residents enjoy year round. This year, our efforts have resulted in extraordinary record-breaking accomplishments. We are proud to share these accomplishments with you in the FY07 Annual Report.

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FY07 ANNUAL REPORT

The San Diego Convention Center Corporation was created by the city of San Diego to market, manage and operate our award-winning convention facility. Our mission is simple: attract and book conventions and trade shows that generate significant economic benefits for the region. We fulfill this mission by: Creating economic benefits and region-wide jobs; Generating tax dollars that fund essential services, thus reducing the burden on San Diego taxpayers; Serving as an important community gathering place for community and consumer events.

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FY07 ANNUAL REPORT

Direct attendee spending represents new dollars brought into San Diego by attendees and spent on lodging, dining, shopping and other activities during their stay. Economic impact represents the total value of events held in our building, including direct spending and indirect spending generated by each event. Indirect spending includes the positive ripple effect throughout the local economy as direct sellers re-supply from other local businesses to support the event, including salaries and wages associated with local spending.

FY07 accomplishments, which occurred between July 1, 2006 and June 30, 2007, include an all time historical high $1.56 billion in regional economic impact, up from $1.07 billion in FY06. It also marks the first time in the Convention Center’s 18-year history that economic impact has surpassed the one and a half billion dollar mark. Direct attendee spending surpassed $650.3 million, another all time high.

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FY07 ANNUAL REPORT

Our strategic marketing efforts target the most lucrative conventions our building can accommodate based on size, available dates and hotel availability. Of the 67 conventions held this year, these were the top three economic generators.

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FY07 ANNUAL REPORT

One of the most highly desirable convention markets are medical shows. For the third time since the building expanded in 2001, we hosted an all time high 18 medical conventions including our largest economic generator to date, the American Academy of Orthopaedic Surgeons. The Convention Center continues to strategically market itself aggressively to this lucrative market. Nearly one-third of FY07 total economic impact is attributable to medical conventions. Why are medical conventions so highly prized by convention cities? Medical shows have large budgets Perform well even in economic downturns Attract attendees with more disposable income Attendees are more likely to bring family and extend their stay into a vacation

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FY07 ANNUAL REPORT

The Convention Center is one of San Diego’s greatest assets as activity associated with our events interacts with all sectors of the local economy and workforce. This includes local businesses who hire employees to provide goods and services required to support conventions and trade shows. According to research conducted by CIC Research, Inc., the Convention Center supports 7,950 jobs countywide.

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FY07 ANNUAL REPORT

FY07 REVENUES Hotel Room Taxes (TOT) Sales Taxes

$23.8 M + $1.4 M

Total Revenues

$25.2 M

FY07 EXPENSES Expansion Contribution

$9.2 M*

Marketing Investment Total Expenses FY07 NET RETURN ON INVESTMENT (ROI)

+ $4.3 M $13.5 M $11.7 M OR 87%

The city of San Diego made a wise decision for taxpayers by deciding to invest in the San Diego Convention Center. The tax revenues generated by events this year surpassed $25.2 million, a 9.1 percent increase over $23 million in FY06. These tax revenues are used help fund city services like police protection, park and beach maintenance, libraries museums and other necessary services. Like any smart investment though, you have to consider the bottom line after expenses. This year, the net return on investment for the city is a solid $11.7 million after deducting the $4.3 million capital investment and the $9.2 million taxpayer approved expansion bond payment. The bottom line for San Diego taxpayers after expenses is a healthy 87 percent return on investment.

*The expansion bond payment is $13.7 million annually. However, the Port of San Diego contributes $4.5 million of that amount reducing the city of San Diego taxpayer contribution to $9.2.

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FY07 ANNUAL REPORT

The Transient Occupancy Tax (TOT) is a hotel room tax paid by overnight visitors. This year alone, convention attendees produced 15.5 percent of the city's total TOT, or $23.8 million. In FY07, Convention Center events generated a grand total of $25.2 million dollars in tax revenues for the city of San Diego. These tax dollars are not paid by local San Diegans, but by overnight visitors who stay in our local hotels, dine in our restaurants, and shop or visit attractions during their stay in our city. The tax revenues generated are funneled to the city where they help pay for vital services to support our city’s infrastructure and to improve the quality of life for all San Diegans.

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FY07 ANNUAL REPORT

This was a strong year for the number of events hosted and a record-breaking year in terms of attendance. Two hundred twenty total events were held: 67 primary events (conventions and corporate events that attract out-of-town visitors); and 153 secondary events (consumer and community events that attract locals.)

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Attendance was a record-breaking 983,706, largely fueled by our highest ever number of out-of-town visitors, 617,089. Secondary attendance brought 366,617 locals to our building.

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FY07 ANNUAL REPORT

While the San Diego Convention Center’s mission is to capture national conventions, we also serve as a gathering place for the community. Some of our most popular events are locally driven like the San Diego International Auto Show, the Boat Show, banquets, graduations and proms. This year we once again had the unique opportunity to host the nationally televised game show Wheel of Fortune.

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Thousands of San Diegans flocked to this high profile television game show.

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The San Diego International Auto Show is our most popular event among locals.

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FY07 ANNUAL REPORT

One of our most important partners in succeeding in our mission is the local hotel industry. This year, convention attendees booked a record 738,758 hotel rooms. While these results are fantastic, it’s only half the story. Increasingly, it has become an industry wide challenge to accurately track hotel rooms because savvy attendees are no longer booking pre-arranged rooms set aside by the meeting organizer. Growing use of the internet, hotel loyalty programs and the high percentage of return events to San Diego now helps attendees secure their own accommodations outside of the pre-arranged room block. Studies indicated between 30-40% of rooms are booked by attendees on their own. When this undercounting is factored in, it puts actual room nights booked over 1 million in FY07.

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FY07 ANNUAL REPORT

OPERATING REVENUES

OPERATING EXPENDITURES

Rental Ancillary Services Food & Beverage City of San Diego Other

$10,219,108 $9,522,250 $9,032,684 $4,339,198 $761,093

Total Revenues

$33,874,333

Salaries & Fringe Benefits Utilities General Expenses Repair & Maintenance Insurance Sales & Marketing

$18,747,465 $3,535,018 $2,738,235 $1,489,826 $629,952 $385,433

Subtotal Operating Expenses

$27,525,929

Depreciation Inter-Entity Transfer

$2,292,474 $643,068

Total Expenditures

$30,461,471

Net Income

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$3,412,862

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FY07 ANNUAL REPORT

OFFICERS

BOARD MEMBERS AT LARGE

Cheryl Kendrick, Chair

Kevin Tilden

Alexis Gutierrez

Chris Cramer, Vice Chair

Cheryl Fisher

Victoria Hobbs, Ex Officio

Bob Nelson, Secretary/ Treasurer

Bryan Min

Robert Rauch, Ex Officio

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PRESIDENT & CEO

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Carol Wallace

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