New South Wales Deputy Premier and Minister for Trade and Investment Andrew Stoner said the new convention and exhibition facilities would help ensure there are no more lost opportunities for the city of Sydney when it comes to major conventions.
The Sydney Harbour Foreshore Authority advises that over the past five years, the current Centre has been unable to accomodate about 169 conventions and 12 exhibitions.
“Underscoring the need for new facilities, the Sydney Harbour Foreshore Authority (SHFA) advises that over the past five years the existing facilities have been unable to accommodate about 169 conventions and 12 exhibitions,” Stoner said.
“These events could have created $150 million in economic benefit for NSW,” he said.
Stoner said the new International Convention Centre Sydney (ICC Sydney) would generate AUD$200 million per year in economic benefit for NSW, or AUD$5 billion, over the period of the 25 year concession.
“International business delegates spend up to six times more than other tourists, and this development will ensure Sydney has world-class facilities in a prime CBD location so we continue to compete on the global stage,” he said.