I must disagree with the notion that there will be a “convention center bubble” similar to the “housing bubble” and the “Internet bubble”.
The convention center “business”, unlike every other business, implies eventual sustaining revenue sources. The convention center “business” (business is clearly a misnomer) has always been predicated as a loss leader with an unlimited supply of taxpayer money via bed tax, taxi tax, restaurant tax, city tax etc etc…Not enough money? Create a new tax or raise the current tax!
Because the revenue sources for the convention center business are virtually unlimited, people that run them, never have to make hard choices that other businesses must make. Further, the people that actually run the convention centers have a board of “officials” that often have ‘brass plaque’ flu that causes them to vote for BIGGER and FANCIER centers to beat their rival cities. The ribbon cutting that comes with the brass plaque makes it all worth while!
Meanwhile taxpayers will continue to lose more and more money to satisfy the egos of some and fill the pockets of others.
