Global Experience Specialists Overall Q3 Revenue Down, Same-show Revenue Up
November 1, 2015
Negative show rotation was a key factor in Global Experience Specialists’ overall U.S.-based third-quarter revenue posting a 14.6 percent decrease to $143.5 million, compared with the same quarter last year with $168.1 million.
Even with the dip, the good news was same-show revenue continued to surge with 4.7 percent growth in the third quarter, compared with the same quarter last year.
“GES delivered better results in the third quarter than we had previously anticipated. We continued to see stronger same-show growth, short-term bookings and sales to corporate clients,” said Steve Moster, Viad’s president and CEO, GES’ parent company.
He added, “Our acquisitions of onPeak, Blitz and N200 are performing well and we continue to have success cross-selling these new services into our client base. We expect strong execution and favorable industry conditions to continue, resulting in meaningful year-over-year growth during the fourth quarter.”
Moster said the same-show growth also was “stronger than expected.”
The same-show growth has been a result of not only the show itself growing, but also selling more into the actual show, he added.
“Same-show growth bodes really well for the exhibition industry overall,” Moster said.
Cross-selling some of the new services, including registration into the Middle East division, as well as to existing clients, such as Labelexpo Americas, was a boost for GES as well.
In addition, clients, such as Solar Power International that already had AV services and signed on also for general service contracting 2016-2018, continued to add to GES’ success.
Moster said the company also was “building more of a presence in the consumer and corporate” areas.
One such effort is a Walt Disney, five-city “Frozen Fall Festival” tour and another is an America’s Cup fan experience exhibition that tours to different ports.
Overall, Viad Q3 revenues dipped 14.6 percent to $255.9 million, compared with $299.8 million from the same quarter last year.
These results beat expectations, Moster said, “Our Marketing & Events Group continues to deliver better than expected performance. As a result, our income per share before other items came in above our prior guidance for the quarter.”
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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