[StBernard] New Orleans Convention Center Generates $1.26B in Economic Impact in 2007

[Westley Annis]

New Orleans Convention Center Generates $1.26B in Economic Impact in 2007

November 04, 2008

The New Orleans Morial Convention Center produced $103.47 million in new tax
revenue and $1.26 billion in total statewide economic impact last year, the
first year following Hurricane Katrina that it was fully open for business,
according to a report released last week.

The report, the "2007 Economic Impact Report," was prepared by Dr. Timothy
Ryan, chancellor of the University of New Orleans. In it, Ryan gathers that
the New Orleans Morial Convention Center hosted 101 major conventions and
tradeshows in 2007, attracting a total of 330,255 attendees.

"The 2007 results for the Morial Convention Center show that the City and
the convention industry are making a remarkable rebound from Hurricane
Katrina," Ryan said in a statement. "This is surely one of the bright signs
for the entire New Orleans economy in the continuing struggle to fully
recover."

Spending by visitors, along with the convention center's operations,
produced a statewide impact of $1,257.49 million in 2007, which includes
$667.41 million in direct spending and $590.08 million in secondary
spending. As previously stated, it also generated $103.47 million in new tax
revenue-$60.01 million for the State of Louisiana and $43.46 million for
local government bodies, including the City of New Orleans.

Said Ryan, "The Morial Convention Center is still one of the largest and
most important economic generators of the State of Louisiana."

Attendance and direct spending in the New Orleans area economy due to
conventions and tradeshows at the Morial Convention Center were up 88
percent and 75 percent in 2007, respectively, over 2006 figures, according
to Ryan's report, which projects continued increases for 2008 and
2009-despite the nation's current economic downturn. In fact, exhibit hall
occupancy is projected at 48 percent for 2008 and 51.6 percent for 2009,
which is nearly 6 percent higher than the convention center's 2004
pre-Katrina occupancy of 46 percent.

"Dr. Ryan's report is very encouraging, but we know there is still hard work
ahead of us," said Bob Johnson, president and general manager of the New
Orleans Morial Convention Center and vide president of the Ernest N. Morial
New Orleans Exhibition Hall Authority, its governing board. "Our near-term
successes and the overall pace of recovery is a true testament to the hard
work of our staff and collaborative efforts of the entire hospitality
community."

For more information about the New Orleans Morial Convention Center-which
boasts 1.1 million square feet of contiguous exhibit space, and which in its
23-year history has hosted 1,789 major conventions and tradeshows, not to
mention 11.26 million attendees-visit www.mccno.com.