"
THE Edinburgh International Conference Centre is set to plunge £1.2 million into the red this year – and may need a council bailout in 2016.
"
http://www.edinburghnews.scotsman.com/news/eicc-may-need-council-bailout-after-1-2m-loss-1-3588534
CityCyclingEdinburgh Forum » General Edinburgh
"EICC ‘may need council bailout’ after £1.2m loss"
(16 posts)-
Posted 9 years ago #
-
Yup, definitely from the same people who invest council budget in Iceland and property and more than one conference centre
Posted 9 years ago # -
So if I'm to get this right, they are facing a loss because bookings are down and because they didn't build the £50m extension 4 years sooner and therefore if it had been built sooner it could have been sitting underused for 4 years and therefore they wouldn't have a budget hole?
Aye.
Posted 9 years ago # -
Presumably the EICC is a separate organisation from the council - the council doesn't own or operate it, does it? If not, there's no reason for them to bail it out. If it's true that the BMA conference injected £50m into the city economy then the beneficiaries of that injection should be tripping over themselves to make sure the conference centre stays open. £1.2m would be a wise investment for them. They'll get it back 40 times over from the first big conference.
If they do own it, they should get rid of it to the people who benefit from the cash injections. They'll be more than happy to buy it. It would be a wise investment if it generates £50m from a conference.
Posted 9 years ago # -
£50m from a conference!? I can see three ways how this could occur:
1. NHS Scotland employs 159,058 staff (30 June 2014). The BMA invited everyone and they spent about £314 each.
2. NHS doctors earn as much as hedge fund managers, they bought their own hotel and were carried around the city in golden sedan chairs while gorging on caviar and champagne (I assume they already have access to all the drugs they want).
3. The EEN now only has one, very harried, employee left...Posted 9 years ago # -
"
The MTV Europe Music Awards (EMA) in Glasgow later this week will boost the city's economy by up to £10m, it has been claimed.
"
Posted 9 years ago # -
Hmmmm, less of a £10M boost to the Glasgow economy but more like a boost to the multinational hotel chains profits?
It really is incredible how some of these events are brought in with 'economic development' money raised locally (and from scottish govt) and so much of the resultant spend ends up in shareholders pockets.
Posted 9 years ago # -
http://www.marketingedinburgh.org/ Marketing Edinburgh are our people on the ground doing it for us. Coming up with such amazing campaigns as "incred-inburgh"
Posted 9 years ago # -
@Nelly, as the saying goes we have socialism for the rich, and capitalism for everyone else.
Posted 9 years ago # -
"
Police Scotland claim the celebrations, which are worth more than £30m to the national economy, should be treated as a “commercial event”.
"
Posted 9 years ago # -
The Police are entirely right, the Council has turned "Edinburgh's Hogmanay" into an entirely commercial venture and they should be billed accordingly.
Posted 9 years ago # -
The council owns the conference centres in the same way it owns Lothain Buses I believe.
Posted 9 years ago # -
"... and so much of the resultant spend ends up in shareholders pockets."
Putting my extreme skepticism to one side for a second, I suspect a great deal of the money ends up in the pockets of employees, local suppliers, laundries, allied trades and from those people to shops, buses, banks, etc etc in the local economy. Some will make its way to suppliers in the Philippines making the t-shirts. Depending on the profit margins of the hotels (which will be pretty tight for events like this - they'll mainly be covering their overheads) only 5% or less might be ending up the shareholders' pockets (but, of course, they have a lot of 5%s coming in).
Posted 9 years ago #
Reply
You must log in to post.
posts
