Global Experience Specialists Scores 3.9 Percent Same-show Growth in Recent Q1 2014 Earnings Report
April 25, 2014
Steve Moster, president of Global Experience Specialists, and his team had cause to celebrate with the latest earnings report, which posted an uptick in revenues, operating income and same-show growth in their division for the first quarter of this year.
Moster said the 3.9 percent uptick in same-show growth “bodes well” for the overall industry, as shows continue to climb back to pre-recession levels.
Q1 revenues for GES in the United States were $221.4 million, compared with $218.3 million in the same quarter last year. Operating income also rose to $15.9 million, from $14.1 million in the first quarter of 2013.
Viad, GES’ parent company, posted first quarter revenues for the entire company that were slightly higher, $285.6 million,compared with $285.2 million in 2013.
“It was a great quarter, and I want to thank the team for everything they did,” Moster said.
Even better news was, even with the loss of International CES in the first quarter, the growth numbers by GES’ other significant shows, including CONEXPO/CON-AGG and IFPE, more than made up for it.
“During the quarter, we produced the largest tradeshow in North America, CONEXPO/CON-AGG and IFPE, which set new records for both exhibit space and number of exhibitors,” said Paul Dykstra, Viad chairman, president and CEO.
Moster said the growth was coming from two areas; organic growth, in which shows are just getting bigger, as well as selling more new products and services.
One of those services is audiovisual, which GES brought in house and has seen a good business from.
The rest of the year also looks good for GES, with positive show rotation in the next three quarters expected to top $65 million. The third quarter in particular is on tap to be a strong one, with the International Manufacturing Technology Show opening in Chicago in September.
“We’re excited about that event as well,” Moster said.
GES also had some significant renewals recently, with the True Value Spring and Fall Markets and Chicago Auto Show, and new wins, including SIBOS 2014 and international business with UBM in Germany and France.
“We’re had some great wins, and we’ve had some great renewals,” Moster said. “What we’re most excited about is our future growth prospects crossing the (annual revenue) $1 billion mark for the business.”
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.
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