The Detroit Regional Convention Facility Authority has extended its Cobo Center management agreement with SMG for an additional three-year term.
“SMG sincerely appreciates this vote of confidence from the Detroit Regional Convention Facility Authority. We are proud to be a part of the team they put together to reorganize and renovate the Cobo Center,” said Wes Wesley, SMG president and CEO.
The original agreement was signed in 2010, and nearing its conclusion, DRCFA CEO and CFO Patrick Bero said there had been “significant achievements to improve the Cobo Center’s performance.” Bero noted in a statement that those achievements include an increase in operating revenue of 52.7 percent, excluding a state operating subsidy and parking revenue, and a decrease in operating expenses of 11.9 percent.
“The Cobo team has accomplished a good deal in a short period of time, most significantly with the multi-year auto show agreement. Now we are seeing an increase in convention bookings in response to the amazing improvements that have been made with the facility as well as in the way business is conducted at Cobo,” said Thom Connors, regional vice-president and general manager of the Cobo Center.