Business Events are booming in Sydney, according to BESydney’s latest financial report that reflects the destination’s strength as an incentive market.
On Tuesday, Business Events Sydney (BESydney) reported its 2022-23 fiscal year report. The destination has surpassed pre-Covid pandemic numbers for its business events and travel markets.
The report lists 57 national and global events hosted during the fiscal year, which concluded on June 30. These events attracted 41,000 attendees and generated an estimated $89.7 million (A$155 million) in direct spending in the state.
For the next fiscal year, BESydney has secured 54 new business events expected to attract 56,000 attendees and be worth $133.7 million (A$210 million) in direct expenditure.
“I’m pleased to report a strong financial year result for secured business,” said BESydney CEO Lyn Lewis-Smith. “Boosted by events postponed into 2023 from pandemic-affected years and the Asian incentive market return, the calendar year 2023 sees our events delivered for Sydney on track to exceed pre-pandemic years.”
BESydney also shared details of their future pipeline of secured business extending into 2030. It includes 55 global and national events, expected to bring in 85,000 attendees with an estimated total direct expenditure of more than $231.6 million (A$364 million).
New South Wales Government COVID-Recovery programs also supported 223 domestic events with 55,000 delegates. The estimated economic impact of these events is around $21.6 million (A$34 million).
New Leadership Announced
The fiscal report was released at its Annual General Meeting (AGM) at the Art Gallery of New South Wales. At the event, the organization announced the stepping down of The Honorable Bruce Baird as BESydney chair. Professor Mary O’Kane AC will be taking the helm, effective February 1.
BESydney noted key results in its financial report under Baird’s stewardship. Highlights include ranking in the top 30 of the Global Destination Sustainability Index and recognition as the top Australian city by the International Congress and Convention Association (ICCA).
“Bruce has been an inspiring leader for BESydney and has steered us through a pandemic,” Lewis-Smith said. “His passion for Sydney and the impact business events have on our economy and the city’s livelihood has seen him dedicate the past six years in service to the organization liaising closely with government and key stakeholders to support the work we do.”
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