SITW had a positive return on investment for Virginia Beach. For every $1 the city spent on holding the festival, it got a return between $1.04 to $1.18.
Several large-scale events held in the resort area generated a profit for Virginia Beach. The City Council will now consider creating a festival commission to manage next year's calendar.
Review finds some large-scale events turn a profit for Virginia Beach while others don t – Daily Press dailypress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypress.com Daily Mail and Mail on Sunday newspapers.
The absence of a headquarters hotel, parking garage, and retail, restaurants and shops within walking distance of the venue likely contributed to the loss, according to a recent audit.
Virginia Beach Convention Center is losing more than $2 million per year Here s what likely contributed to the loss – Daily Press dailypress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypress.com Daily Mail and Mail on Sunday newspapers.