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Originally Posted by Keith P.
It has been open only since April so I'm not sure what "very much failing to live up to financial projections" means. It appears to be rather busy.
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The convention centre is "rather busy". The financial projections Bousquet talks about are entirely separate from the question of how much use the convention centre receives. He (and the staff report) refers to the capital and operating cost-sharing agreement the city signed with the province which kicked in when the project was substantially complete.
The city attempted to show that the lion's share of its payout would be covered by tax revenues paid by Nova Centre tenants. But, as we know, the project was repeatedly delayed and much of the complex remains vacant. As a result the anticipated shortfall has almost doubled. (The new hotel will open early next year, which will make a substantial difference.)
In truth, the city's plan was a bit of financial sleight-of-hand (Bousquet called it a "rigged game") but, in fairness, HRM always forecast a shortfall on the convention centre. That the annual shortfall has grown by some $1.7 million (in a $761 million budget) is what Bousquet calls a "financial disaster" for the city.
As far as convention centre patronage is concerned the same staff report declares, "The new Halifax Convention Centre is currently exceeding expectations for convention bookings. The facility shows every sign of being extremely successful."