CHICAGO (WBBM NEWSRADIO) -- Chicago’s convention business has taken a big hit during the pandemic, and it appears the financial bleeding will not be stopping for a while.
The city has lost $3.05 billion in economic impact from its usually robust convention business. According to the Sun-Times, in the past 13 months, 230 events have been canceled that would have drawn nearly 3.5 million people to Chicago. That trickles down to hotels which lost 2.2 million room nights, the Metropolitan Pier and Exposition Authority board was told Tuesday.
Additionally, there was a $233.8 million in lost state and city taxes.
The Metropolitan Pier and Exposition Authority figures it won’t be until the 2024 fiscal year before Chicago’s convention business is back to full capacity.
Because of that, according to the Sun-Times, the board created a revised three-year financial plan calling for a more gradual ramp-up: 25 percent in the first quarter of fiscal 2022, which starts in July; 50 percent capacity in the second and third quarters; 75 percent capacity in the fourth quarter and for all of the 2023 fiscal year; and 100 percent in July 2023, which is the start of the 2024 fiscal year.
Related
