Global Experience Specialists’ Parent Company Sees 2Q Revenue Uptick
August 7, 2016
Global Experience Specialists’ parent company Viad continued to perform better than expectations, with its second-quarter earnings results showing a $7.7 million revenue increase to $324.7 million, compared with the same quarter last year.
Management previously had guided for a revenue decline of $4 million to $17 million, primarily due to show rotation and exchange rate variances.
GES’ 2Q revenues were down slightly to $285.4 million, compared with $286.6 million during the same quarter the year before.
“GES exceeded guidance for the second quarter with stronger than expected growth from short-term event bookings and corporate clients,” said Steve Moster, Viad’s president and CEO and president of GES.
He added, “On a year-over-year basis, we continued to drive new wins in under-penetrated live event segments and in our new service offerings, as well as on a same-show basis, which helped to offset negative show rotation and unfavorable exchange rate variances. This speaks to the strength of our team, our comprehensive offerings and our strategy to position GES as the preferred global, full-service provider for live events.”
Base same-shows represented 37.1 percent of GES’ U.S. organic revenue during the 2016 second quarter.
“The increase in same-show growth is a mix of exhibitors purchasing more floor space and investing more in that space,” Moster said.
Also driving growth are short-term bookings.
“We’re having good success with short-term bookings,” Moster said. “These are primarily events for associations and corporations that have shorter sales lead times and are generally booked within the current calendar year - and sometimes even within the same quarter they are produced.”
In the third quarter, GES is producing a number of large non-annual shows that will continue to drive strong revenues, including the International Woodworking Fair, IMTS, MINExpo and the Farnborough Air Show in the U.K.
“With favorable show rotation in the third quarter and a healthy sales pipeline, we remain confident in our ability to deliver our full year targets at GES,” Moster said.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment