Cobo Center closes first year after completing $279 renovation with record breaking business

Detroit is back on the map as an event destination
Completing the first full year of operations after the $279 million five-year renovation, Cobo Center closed the books with record operational revenues after quadrupling the number of major events during the ongoing construction. 

"Our recent renovations have been well received in the industry," said Molinari. "We expect this kind of financial success to continue for us in the near future. Detroit is back on the map as event destination."

Cobo Center Dream to Reality

The financial success was achieved in the 2016 fiscal year with an increase of "in the year, for the year," event bookings, realizing a positive variance of 16.5% over budget, and a positive variance in other operating income of 17.7%. Meanwhile, Cobo closed the year with a positive variance of 5.6% for operating expense.
"This was a total team effort," said Molinari. "Everyone from sales, that filled the event calendar, to production services, that set the rooms was part of this outstanding success." 
Contributing to Cobo Center's future success is a recently signed five-year contract with the Society of Automotive Engineers will keep their annual World Congress event in Cobo Center through 2021, and talks are in the works to extend that contract for an additional three years.
"SAE International is proud to continue being a part of the transformations taking place at Cobo Center and in Detroit.  We view our relationship with Cobo as a partnership that is integral to the success of WCX - The World Congress Experience.  It's not a coincidence that our event is evolving in much the same way as both Cobo Center and the city have evolved - utilizing unique technologies and professionalism, built around an atmosphere of networking and hard work - to attract the best from around the world," said James Forlenza, group director of SAE Events.  "We look forward to working closely with the Cobo team for years to come."

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