Toronto, May 22, 2019 (GLOBE NEWSWIRE) -- The Metro Toronto Convention Centre (MTCC) announced today that it generated $556 million in economic impact for Toronto and the Province of Ontario during its 2018/19 fiscal year.
Aside from the centre’s key contribution to the economy, the end of year results also highlight how the MTCC supports local businesses, helps fight hunger in the community and continues to lead by example in terms of sustainability.
How the MTCC helped boost the economy in fiscal year 2018/19:
- $556 million created in economic impact. Economic impact is created when conference, trade and public show attendees who reside outside of Toronto spend on dining, hotel nights, shopping, transportation and more in the city. This number is based on events that have taken place at the MTCC from April 2018 to March 2019.
- Over 6,000 jobs sustained in the community.
- $143 million generated in federal, provincial and municipal taxes.
- The facility secured 13 citywide conventions for future years, many of which will take place before 2023. These secure economic impact to the community in the future.
In 2018, the Convention Centres of Canada recognized the MTCC as the top performing convention centre by measurement of economic impact, gross revenues and profitability among 21 centres across Canada.
Community Impact Results:
- 16,000 kg of food donated to local organizations and food banks, representing 27,000 meals.
- 40,000 kg of material, such as lanyards, tables, lamps and bins, donated to local charities.
- 90% of waste from events diverted from landfill.
- 80% of the wine list dedicated to local Ontario wine only.
- 65% of all meat, fish and dairy were purchased locally to help sustain farmland and support farmers.
“The Metro Toronto Convention Centre does great work attracting events and conventions from all over the world to our wonderful province,” said Michael Tibollo, Minister of Tourism, Culture and Sport. “These conventions bring in visitors that stay in local hotels and explore our restaurants and attractions, resulting in a boost to the local economy. Congratulations to the MTCC on another impressive year.”
“The MTCC continues to be successful while making a significant contribution to Toronto and Ontario.” said Lorenz Hassenstein, President and CEO of the MTCC. “Our strong financial results and continued success reflect our commitment to the economy and local community. We would like to thank our industry partners for their continuous collaboration and support."
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About the Metro Toronto Convention Centre
The Metro Toronto Convention Centre is Canada's number one convention and trade show facility. Over the past 34 years, the Centre has hosted over 20,000 events and has added $6.3 billion in direct spending economic impact to the community. For further information, please visit www.mtccc.com.
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