The city authorities in Sydney, Australia, are to inject another A$1.5m (US$1.09m) into Business Events Sydney (BESydney) between 2017 and 2021, after a strong return from the city’s $1.5m investment during 2014-16, which helped secure many major events.
CEO of BESydney, Lyn Lewis-Smith, said: “The City of Sydney’s initial investment supported BESydney to secure 24 events worth more than $70m in direct expenditure.”
“The funds drawn on to date have achieved a return of more than $90 for every $1 invested,” she added.
The initial investment helped activate Sydney city’s precinct during the development of the International Convention Centre Sydney and Darling Harbour precinct.
City of Sydney Lord Mayor, Clover Moore, said: “This partnership brings high-yield international incentive visitors to Sydney who spend up to 6.5 times more per day than regular holiday tourists. BESydney announced the Cathay Life Taiwan Summit has been secured for 2016, a great example of how the city’s current investment is helping to pay dividends for local businesses into the future.”
BESydney announced (12 October) that $113m of corporate incentive events have been secured for 2016 and 2017, including Nu Skin Greater China Success Trip 2016, and Amway China Leadership Seminar 2017.
BESydney has brought an estimated $249m into the New South Wales (NSW) economy by securing more than 53,000 Asian incentive delegates over the past three years. 146 events secured by BESydney, worth $404m, will take place between January 2015 and December 2023.
