Viad's 2011 Full-year Revenues Up 11.6 Percent to $942.4 Million From 2010; GES' Division Sees 11.1-percent Revenue Increase
February 5, 2012
Phoenix-based Viad, the parent company of Las Vegas-based Global Experience Specialists, recently posted fourth-quarter and year-end earnings results, with full-year revenues of $942.4 million, an 11.6-percent increase from the same period during 2010.
Fourth-quarter company revenues also saw upticks from $186,965 in 2010 to $197,407 in 2011, a 5.6-percent increase.
Viad also closed out 2011 with net income from continued operations of $8.8 million.
The company’s marketing and events group, which has been impacted in the past few years by the global recession and GES is a part of, saw gains by the end of 2011.
Full-year marketing and events group revenue rose from $756.5 million in 2011 to end the year with $840.6 million, an 11.1-percent increase.
U.S. marketing and events group’s revenue improved $60.4 million to $631.4 million in 2011.
The increases came from increased exhibitor spending, new business wins and positive show rotation, including the massive triennial Association of Equipment Manufacturers’ CONEXPO-CON/AGG and IFPE show held in 2011 in Las Vegas.
CONEXPO-CON/AGG and IFPE show officials also reupped the show’s contract with GES for the 2014 shows, according to a GES spokesperson.
Viad’s marketing and events group’s overseas operations were particularly strong, with full-year international segment revenue increasing $20.9 million to $218.6 million in 2011.
The increase in revenues primarily was because of new show wins, positive show rotation of approximately $4 million and base same-show growth.
“Our marketing and events group made great strides in 2011, with meaningful revenue growth and improved profitability,” said Paul B. Dykstra, Viad’s president, chairman and CEO.
He added, “Our realigned U.S. sales force was successful in capturing additional exhibitor spending. Our international segment leveraged our leading market positions and the strength of our worldwide network to win new business in the United Kingdom and Middle East.”
The marketing and events group’s 2011 fourth-quarter earnings also saw positive revenues to $189.8 million, up $9.3 million from the same period in 2010. The growth was driven by primarily by the international segment.
“We expect the marketing and events group to benefit from continued industry growth and cost structure improvements we made during the past few years,” Dykstra said.
He added, “We remain focused on delivering high-quality customer service, capitalizing on market opportunities and continuing to increase efficiencies and drive down costs.”
For 2012, base same-show revenue is expected to see mid-single-digit increases, with annual show rotation not having a major impact on full-year revenue, according to GES officials.
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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