The Iowa Events Center earned a record profit this past fiscal year, more than doubling any previous profits on record.
Global Spectrum, operators of the Iowa Events Center, presented a check for $1,207,288 to the Polk County Board of Supervisors this morning. The amount was for profits earned during fiscal year 2013-14. This is the eighth consecutive year the facility has exceeded its budgeted revenue, according to a press release.
The Iowa Events Center, which is owned by Polk County, comprises Wells Fargo Arena, Hy-Vee Hall and the Community Choice Credit Union Convention Center at Veterans Memorial. From July 1, 2013, to June 30, 2014, the Iowa Events Center hosted 566 events, the most events ever hosted in one year among the venue's three facilities.
The two convention centers combined to generate over $10 million in gross revenues for the first time ever, and Ovations Food Services achieved its highest food and beverage revenue since the convention facilities opened in late 2004.
Another achievement, according to the release, was that while the facility hosted nearly 80 more events than last year, client satisfaction survey scores increased from 4.75 to 4.85 on a 5.0 scale.
The venue's strong financial year can be attributed in part to the Iowa Wild hockey team's inaugural season, which kicked off this past October, according to the release. Transformed spaces, including the opening of the KetelOne Bar at the Willis Auto Campus Lounge, and several sold-out concerts also played a part.