Pasadena Center Operating Company (PCOC) FY 2019 Recommended Budget Joint Finance Committee / Council Meeting June 4, 2018

Mission Statement The mission of the Pasadena Center Operating Company (PCOC) is to promote Pasadena as a meeting and travel destination in an effort to maximize economic impact through the development of meetings, conventions, entertainment events and tourism by providing professionally managed facilities and first-class service.

Pasadena Center Operating Company Operating Revenue History By Source In thousands

Pasadena Center Operating Company Expense History By Cost Category In thousands

Pasadena Center Operating Company Significant Changes From FY 2018 Budget 4,000 new hotels rooms have opened in the LA area over the past year TBID is flat to FY 2018 budget Six months of TOT and TBID for Hyatt Place Hotel Increase in Minimum Wage effect - $65,000 Decrease in Workers Comp cost savings - $120,000 TBID funding secured long-term Anticipated transfer to reserves $425,000

Pasadena Center Operating Company FY 2019 Key Issues and Strategies Key Issues Sheraton, Hilton and Westin hotels renovations complete 4,000 new hotel rooms have opened in the past year in the LA market. Increased competition is affecting Pasadena TOT and TBID CESSE and COSPAR Conventions to be hosted in July 2018 CIP – Over $12 million in unfunded CIP needs Strategies Continue to solicit high end group business in 2020, 2021, and 2022 that will pay increased rates Continue to solicit large convention business in 2020, 2021, and 2022 PCOC and the City need to continue to provide excellent service in order to grow world class Science, Technology and Engineering conventions Continue a program of repair to ensure long-term success of the Convention Center, Civic Auditorium and Ice Skating Center