Virginia Restaurant, Lodging & Travel Association

Staying Nimble: Cvent’s 25-year history includes key adjustments

New and upcoming hotels in Virginia!

Six Flags Entertainment Corp., the owner of Kings Dominion, released its first quarterly report since its merger with Cedar Fair. In the report, CEO Richard Zimmerman said the company intends to review its portfolio of parks, optimize its assets, narrow management’s focus and reduce debt. The company also said that it will invest more than $1 billion over the next two years to enhance guest experiences.

Conventions are big business, even if they’re not business-related

Shamin Hotels, the region’s largest privately owned hotelier, is moving forward with construction of the first of two new properties planned for the Springline at District 60 development in Chesterfield.

It's been a blast celebrating the Faces of Tourism during the #2024VA1 Governor's Tourism Summit! But we're not done yet! Stay tuned for the exciting VA1 finale, featuring a special presentation from Virginia Tourism Corporation.

We're well underway at #2024VA1! Thanks to all of the amazing speakers and exhibitors who have made this sell-out conference a huge hit. We still have much more in store over the next two days - what are you looking forward to?

BREAKING: Virginia Tourism Corporation is pleased to announce that meetings and conventions in Virginia generated $5.8 billion in direct spending in 2023, with $2.1 billion contributed solely by visitors. Meetings and conventions visitors spent nearly $6 million per day in Virginia last year. In 2023, 4.9 million people attended a meeting or convention in Virginia, with 2.5 million staying overnight, representing 6% of Virginia’s total overnight visitors. Meetings-related visitor spending grew by 14% from 2022, outpacing the total statewide visitor spending growth of 10%. Of the $2.1 billion in meetings and conventions visitor spending, lodging captured the largest share of visitor dollars at 42%, followed by food and beverage (30%), transportation (13%), retail (10%), and recreation (5%). Lodging and food and beverage spending saw the most year-over-year growth, each increasing by 15%, followed by recreation (14%), retail (12%), and transportation (9%). In 2023, Virginia’s meetings and conventions sector directly employed 56,703 Virginians, generating $2.2 billion in income and driving $335 million in state and local tax revenues. The direct impact of lodging and property taxes alone at $157 million total in 2023 highlights the sector’s crucial role in generating revenue for local governments across the Commonwealth. The meetings and conventions sector in Virginia experienced a significant decline in 2020 due to the COVID-19 pandemic, with a 72% drop in meetings-related visitation and a 73% decrease in meetings-related travel spending. Meetings and conventions visitor volume was essentially halted for two years and sat at less than half of pre-pandemic spending and visitation levels from 2020 through 2021. The meetings and conventions sector reached 2019 levels of spending in 2022, and?meetings-related visitation finally reached full recovery in 2023, playing a crucial role in Virginia’s overall recovery from the pandemic. “The resurgence of Virginia’s meetings and conventions sector to pre-pandemic levels is an economic impact win that should be celebrated,”?said Caren Merrick, Virginia Secretary of Commerce and Trade.?Generating $5.8 billion in direct spending and employing more than 56,000 Virginians, this sector is vital to our Commonwealth’s prosperity. The $335 million in state and local tax revenues further emphasizes its importance in supporting our communities and enhancing the quality of life for all Virginians.” Read the full release here: https://lnkd.in/eXuJPjd6 View VTC’s Economic Impact of Meetings & Conventions in Virginia and Future Outlook study here:?https://lnkd.in/e2_nUNcP

Cheers to an INCREDIBLE kickoff to the 2024 VA1 Governor's Tourism Summit. Here are a few highlights from yesterday's activities - and we look forward to making more special memories today. Photo Credit: Nathan W Beck Photography

Thanks to everyone who helped kick off #2024VA1 at last night's Crooked Road Celebration Reception! The next couple of days are going to be a blast ?? Photo Credit: James Kinard - VTC Asst Manager of Bracey Welcome Center