Hartford Business Journal

17 HARTFORDBUSINESS.COM | SEPTEBER 20, 2021 FOCUS: Meetings & Venues Last Modified Art Director Copy Writer Proj Mgr 1" = 1" None None Trim Live CT Commercial Lending Print Layout None Project Bleed Project # Document Name 21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 21-LBB-0045 Version # M1_V1 BB NB JC RB Colors In-Use Fonts and Linked Graphics Forma DJR Deck Regular DIN Condensed Light Forma DJR Display Bold Liberty_GU_Option 1.jpg CMYK 287 ppi lbb_commercial-lending_hartfordbizjournal_qr-code. png Gray 1508 ppi Cyan Magenta Yellow Black 10" x 6.75" None User Printer Output Date 7-15-2021 7:57 AM Becky Bowman None 7-15-2021 7:57 AM Mech Scale Print Scale Stock Mechd By: BB RTVd By: None M1_V1 For nearly 200 years, Liberty Bank has been behind companies that think big. We provide commercial loans, mortgages, and working capital lines of credit that can be tailored to meet your business's current needs and those in the future. Loans for $1,000,000 and up. Scan the QR code to call a Commercial Lending Officer today or visit liberty-bank.com/ct-commercial-lending to find a local lender. Loans, lines of credit, owner-occupied and investment mortgages up to $50 million. All loans are subject to credit and underwriting approval. Member FDIC Equal Housing Lender Seven-figure business loans for million-dollar ideas. Liberty Bank was part of a multi-bank fi nancing deal behind Goodwin University's acquisition of the University of Bridgeport in May 2021. CP26054_21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 1 CP26054_21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 1 7/16/21 5:06 PM 7/16/21 5:06 PM "I've been working in this industry for a while. In 2008 and 2009, when we had the recession and a lot of things went away and money was short, people still went to their kids' … softball tournaments," Murdock said. "Instead of it being, one parent will go, now it's the whole family's going as a vacation because this is their vacation." Murdock said the events industry's comeback from the pandemic is following a similar path to what happened after the Great Recession. Sports was hurt early on but is back to slightly below pre-pandemic levels. Concerts and conventions come next as they recover more slowly. Business meetings are usually hurt the most by downturns and bounce back the slowest. "I think that's partly due right now to less people in the office and less corporate travel with corporations being a little more hesitant to send their people out on the road," Murdock said. "Just the fact that people are working remotely more has changed that market." John Washko, vice president of conventions at Mohegan Sun, said business events activity is still slow, but companies moving to hybrid or completely remote workplaces could create a new market. Since companies are seeing their employees in-person less, they may book more business meetings in the future "because they can't develop culture on a Zoom call," Washko said. Washko said Mohegan is already talking to groups that have made hires during the pandemic and want to find new ways to help create worker connections to the company. Meantime, the business meeting market varies by industry, Washko said. Companies in the merchandise, food buying, real estate and supply chain industries are still holding events, while healthcare, tech and automotive sectors are less active, he said. Travel also remains a challenge as some companies still have internal restrictions. "We've got certain groups that are moving forward, certain groups that are blowing through their [allocated room] blocks," Washko said. "And then we've got other groups that are coming in at 50% of their contracted room block, but still moving forward. And then ... we still do have some organizations that are not moving forward for a variety of reasons." Murdock said demand for business events is mostly focused on smaller meetings and retreats rather than full-blown conventions. Conventions are recovering compared to last year but there is still a steep decline in events compared to pre-pandemic levels. Washko estimated that Mohegan has used about 50% of the rooms it did before the pandemic. Looking ahead The next booking season, spring 2022, looks stronger, according to both Washko and Weiss. Mohegan said that 2021 saw a 54% increase in events activity from 2020 and that 2022 is currently outpacing 2021. However, both worry that the threat of delta could hamper the recovery. Mohegan noted that larger groups are comfortable booking in advance but the booking window for smaller groups has continued to shrink and become more short term. "[Delta] could harm consumer confidence to come back out to large gatherings," Weiss said. "We control what we can control here and that's really what we try to do." The concert market is being particularly aggressive with safety measures. Some shows require proof of vaccination, or a negative test 72 hours before a concert. Current state COVID guidelines do not require masks, but do allow local municipalities or businesses to institute their own mandates. The Connecticut Convention Center recently hosted its annual ConnectiCon pop-culture convention that required attendees to show proof of vaccination, or a negative COVID test within 48 hours prior to arrival. Consumer confidence will continue to play a big part in the recovery. "Planners more than likely are asking, 'Are we going to get the numbers of people to support this event or should we postpone our event?' " Murdock said. "I think that's sort of what happened all last year. People were, at some point, allowed to have events, but is it going to make money? Is it going to be worth the aggravation to have the event or not?" John Washko

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