The Los Angeles Convention Center made more than $4.1 million in profit in the 2014-15 fiscal year, city officials said Wednesday.
The venue, which is managed by AEG Facilities, saw rental revenue climb $727,000 during the fiscal year that ended June 30.
Filming revenue rose 43 percent to more than $1 million and parking revenue went up $369,000, or 4 percent, according to Convention Center officials.
About $1.5 million of the $4.1 million profit will go toward reimbursing the overhead of the Department of Convention and Tourism Development.
The Convention Center had been losing money before it came under AEG Facilities‘ management in December 2013. This is the second consecutive year that the center has turned a profit.
“This is important for the improvement of the facility because it leads to direct spending on vital” renovations and upgrades and “aligns with our shared goal of transforming the LACC into a truly world-class destination for meetings, conventions and special events,” said Bud Ovrom, executive director of the Convention and Tourism department.
Planned upgrades include buying furniture for the lobby, upgrading 700 toilets to make them more water efficient, improving kitchen equipment and adding new video boards and furniture to the concessions area.
— City News Service