GES Scores 12.2 Percent Revenue Jump in Q2
GES’ second-quarter revenues were up 12.2 percent to $320.1 million from $285.4 million during the same period the year before.
“GES delivered second-quarter results that surpassed our prior guidance, with a revenue increase of 12 percent year-over-year and an adjusted segment EBITDA margin of 12.5 percent,” said Viad’s president and CEO Steve Moster.
He added, “The upside to guidance was broad-based and fueled by industry growth, solid execution by the GES team and our efforts to position GES as the preferred global, full-service provider for live events with a comprehensive suite of offerings. Our U.S. base same-show revenue growth was better than anticipated at 7.5 percent and we continue to realize strong international revenue growth from new business wins.”
Moster took time to answer some questions about what’s impacting GES’ results right now, the Poken and ON Services acquisitions and where the company is seeing growth.
TSNN: There were a few things noted as reasons for the positive results, one was show rotation - what shows can you point out as having an impact?
Moster: Our largest non-annual event during the quarter was the Paris Air Show. In addition to positive show rotation, we saw broad-based growth across most shows with strong same-show revenue growth of 7.5 percent in the U.S. and significant new business wins internationally.
TSNN: How has the response been with Poken? Have clients had feedback from attendees as well?
Moster: Many of our clients are familiar with Poken and have shown interest in activating it at their event.There is also a lot of excitement among our team members about being able to provide this event engagement tool to clients. The pairing of Poken with our existing registration software provides event organizers even more insightful analytics and reporting to drive enhanced event performance. And we are seeing good traction in selling the combined offering.
TSNN: I saw that U.S. same-show growth still has a strong showing. Where is the spend going? Actual space? Marketing? other services?
Moster: Our base same-show revenue in the U.S. grew by 7.5 percent which was larger than expected. We’re seeing broad-based growth across events, including increased net square footage and higher spending by exhibiting companies.
TSNN: Any new business you can talk about? I saw mention of international ones?
Moster: Some new wins include:
- GSMA’s Mobile World Congress America
- American College of Surgeons’ Clinical Congress
- ASTRA/Marketplace and Academy
TSNN: How has the acquisition of ON Services impacted overall offerings to GES clients?
Moster: With the addition of ON Services, GES can provide clients and event participants with cutting-edge live event audio visual solutions from conception through execution - from large-scale entertainment experiences and complex general sessions to sporting events, conferences, and exhibitions
TSNN: Where are you seeing the most growth within GES?
Moster: We continue to see solid industry growth. Shows are up across the board, and GES’ ability to provide a full suite of live event services is accelerating our growth.
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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