Thursday, August 13, 2009

Chicago Convention Center BROKE

Juan Ochoa, McPier's chief executive officer, blamed the first-time-ever use of state funds on a sour economy, which has reduced attendance at conventions and trade shows and cut the number of stays at hotels, both costing McPier money.

McPier's revenues are down 5.7% so far this year, even as debt service on the McCormick Place's latest building is increasing as per scheduled, Mr. Ochoa said. And McPier expects even more problems next year, when a further anticipated drop in revenues and increase in debt service payments likely will mean the the agency needs $33 million more from the state, he added.