DCU Center drive Worcester economic boom

Image: ASM Global

The ASM Global, development and full-service venue company and Manager of the DCU Center Arena and Convention Center and Digital Federal Credit Union (DCU) in Worcester, Massachusetts (US), a $12 billion nationwide financial cooperative, announced the results of a joint 2024 economic impact study.

‘ASM Global’ stated that according to the study the DCU Center has generated over $200 million in direct spending within the local Worcester community over the past decade. This significant economic impact underscores the DCU Center’s role as a vital hub for entertainment, sports and public events in Central Massachusetts.

The award-winning Los Angeles (US)-based the ASM Global is the world’s No. 1 development and full-service venue company focused on client-first approaches for driving significant financial success. The company’s elite network spans five continents featuring a portfolio of more than 400 of the world’s most prestigious arenas, stadiums, convention/exhibition centers, and the performing arts venues.

The DCU Center is an indoor arena and convention center complex in downtown Worcester, Massachusetts (US). The facility hosts a variety of events including concerts, sporting events, family shows, conventions, trade shows, and meetings. It is owned by the City of Worcester. For over 40 years, the ASM Global has managed the DCU Center in Worcester which has been recognized as the gathering place where the people go to experience the finest in entertainment, sporting events and public functions. The DCU Center is uniquely designed to accommodate the needs of any size group from 15 to 15,000.

The Digital Federal Credit Union (DCU) is a $12 billion financial cooperative headquartered in Marlborough, Massachusetts (US). Established in 1979 as the credit union for the employees of Digital Equipment Corporation (DEC) and their families the DCU serves over 1.1 million members across all 50 States in the United States and Puerto Rico (unincorporated US territory). The DCU has a proud legacy of serving many members who are newer to banking, including the young adults, historically underserved, or new arrivals to the United States banking system.

‘ASM Global’ further stated that the DCU, the naming rights partner for the complex since 2004, requested and funded the economic impact study of the facility through their recent naming-rights renewal.

Stated Shruti Miyashiro, President-cum-head honcho of Digital Federal Credit Union, “The DCU Center represents our mission of making a meaningful impact for our members and their local communities. Not only are we focused on providing our members with an exceptional financial experience but we’re also committed to improving the quality of life and economic vitality of the communities we serve.”

Remarked Eric Batista, Worcester’s City Manager, “The findings of the study continue to illustrate what we all know – that the DCU Center is a major catalyst of economic vitality for downtown Worcester. The value proposition envisioned for the arena and the convention center continues to hold true. We are excited to see its continued success into the future.”

The study was conducted by the CSL International, an industry leader in the provision of economic, market and financial assessment and planning services. The results showed that the direct economic impact of the DCU Center Arena and Convention Center over the last nine fiscal years of the venue’s operation, excluding the two pandemic years of 2020 and 2021, totaled $204 million in direct spending credited to the operation of the facility averaging $27.6 million annually. The flow of direct spending was adjusted to reflect only the spending that is considered new to the local economy excluding spending that would likely take place even without the existence of the DCU Center.

The report also revealed that the DCU Center generated the following during its analysis period (2016-2024):
 

• Nearly $341.4 million in total spending (economic output) within the Worcester economy or an average of $46 million per year;
• More than $25 million* in taxes generated by the DCU Center and its visitors representing an average of $3.5 million annually; and
• An average of $15.4 million* in annual earnings/wages, supporting a range of 521-769 full-time equivalent jobs annually.

 
The study also showed that in 2024:

• There were 691,800 visits to the DCU Center averaging 1,895 per day;
• The visitor median income was $86,000, 27 percent above Worcester’s median household income;
• 145,100 (21 percent) of the visitors came from over 50 miles from Worcester; and
• The total number of events hosted at the DCU Center has rebounded to 90 percent of the pre-pandemic levels with attendance exceeding the pre-pandemic numbers by 20 percent.

 
The other observations of note include:

• Hotel spending per year averaged $7.3 million* during the period surveyed with an average number of room nights per year at 32,700;
• Dining spending per year averaged $8.6 million* during the period surveyed with the organizers praising the area’s restaurants and the range of price points offered at the nearby establishments. The Planners interviewed reported that they would like to see even more restaurants in the local area;
• The organizers interviewed for the study noted the City improvements thanks to the continued investment in downtown;
• The hotels were praised individually although their small size has caused difficulties in assembling sufficiently sized room blocks; and
• The study also expressed concerns for the market if any hotels closed in the upcoming years as has been reported in the marketplace.

 
Maintained Monique Messier-Joseph, Discover Central MA (the official tourism bureau for Central Massachusetts) President, “Understanding the impact of one of the City’s largest venues for hosting events helps identify some of the key drivers for downtown and tourism here in Worcester. We will use the information gleaned from this study to work with the ASM Global on marketing strategies that will help Worcester grow our visitation of 700,000 in 2024 to over 900,000 by 2030.”

Said Sandy Dunn, ASM Global General Manager, DCU Center, “We are so grateful to continue to work with the United States top promoters and event producers to bring high-caliber concerts, sporting events and more to Worcester. The success of the building is due to the support of the DCU, our naming rights partner of over two decades, our local and regional fan base along with our committed event planners who return year after year – all of whom drive additional revenue to the region. The strength of the numbers shown in this study provides a great outlook for the future and we feel extremely confident in the continued success for the DCU Center and the impact we have on the community.”

*Numbers exclude the pandemic years (FY 2020 and 2021).
 
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.

• Tags »
• ASM Global
• DCU Center Arena
• Economic Impact Study

« Previous News: Boost for curling venues worldwide
» Next News: Temporary stadium plans for Denver NWSL