Daily Business Report-Dec. 31, 2013
Scene from Comic-Con in San Diego in 2013
Convention Center Events Forecast to Generate
$1.4 Billion in Economic Benefits to Region in 2014
The economic impact from events held at the San Diego Convention Center in 2014 is expected to reach $1.4 billion, according to a forecast issued Monday by the San Diego Convention Center Corp.
The forecast said there would be $606.7 million in direct spending by attendees at conventions and total tax revenues nearing $20.6 million.
There are 111 events forecast to be held in the center with many more expected to book in upcoming months. Of these events, 70 are primary
events and are expected to attract over half a million out-of-town attendees. Total expected attendance is estimated at 858,115 with current figures expected to increase over the year. This marks the center’s highest attendance since 2008 when it’s doors welcomed 951,618 attendees, according to the forecast.
Fifteen medical meetings are forecast to generate $425.9 million in regional economic impact in 2014. More than121,000 people will attend medical meetings at the center and will provide $6.3 million in tax revenues for the San Diego region. Some of the major medical shows in 2014 include the American Association for Cancer Research, the American Thoracic Society, Experimental Biology and the American Academy of Pediatrics.
“Throughout the convention and meetings industry, it is anticipated that event attendance will continue to grow moderately,” the forecast said.
Convention Center officials said expansion of the center would help retain events that are outgrowing the current building and create new space to attract new events.
Although the proposed expansion has received the support of the California Coastal Commission, legal challenges may delay or stop the start of construction in early 2015. Should the expansion be cleared, it would create the largest contiguous exhibit hall on the West Coast.
Elizabeth Morris Appointed to California Housing Partnership
Elizabeth Morris, 66, of San Diego, has been appointed to the California Housing Partnership Corp. by Gov. Jerry Brown. Morris has been principal at E.M. Advisors since 2008. She served in multiple positions at the San Diego Housing Commission from 1979 to 2008, including president, chief executive officer, acting assistant deputy director and development specialist. The position requires Senate confirmation and there is no compensation. Morris is a Democrat.
Silvergate Bank to Shed its Lancaster Branch Office
San Diego-based Silvergate Bank has agreed to sell its branch facility in Lancaster, Calif., to Americas United Bank, a Glendale bank founded by business leaders primarily from the Hispanic community. Under the agreement, Americas United Bank will assume all of the deposits and purchase certain assets associated with the Lancaster office. As of Nov. 30, deposits at the branch totaled $45.7 million. No loans are included in the transaction.
“It was a difficult decision to proceed with the sale of the deposits of the Lancaster Regional Office, as we have enjoyed wonderful relationships with our customers in the region,” said Alan Lane, president and CEO of Silvergate Bank. “The transaction will allow us to redirect our full focus to our core geography in the greater San Diego area.”
CareFusion Completes Acquisition of Vital Signs Division
San Diego-based CareFusion a medical technology company, announced the completion of its acquisition of the Vital Signs division from GE Healthcare in the U.S., China and certain other geographies. CareFusion agreed to purchase Vital Signs for $500 million. CareFusion has paid GE Healthcare $470 million, funded through cash on hand. The balance of the purchase price will be paid upon completion of the acquisition of the remaining international operations of Vital Signs, pending regulatory review and customary closing conditions.
“The acquisition of Vital Signs doubles the size of our Specialty Disposables business and transforms it into an industry leader by adding global scale and a new call point in anesthesia,” said Kieran Gallahue, chairman and CEO of CareFusion.
Vital Signs is a manufacturer of single-patient-use consumables for respiratory care and anesthesiology, a $3 billion global segment. Vital Signs has annual revenue of approximately $250 million.
Croce’s Bids Farewell to the Gaslamp
Croce’s Restaurant and Bar, one of the first major restaurants to venture into what was once an edgy urban district, will close its doors for good on Wednesday, bidding farewell to the Gaslamp neighborhood where Ingrid Croce and her late singer-songwriter husband conceived the idea of opening a Downtown San Diego dining venue, the U-T San Diego reports. A week after the couple’s 1973 dinner date in the Gaslamp, Jim Croce died in a plane crash.
But Ingrid Croce is not ready to say her good-byes just yet to the restaurant business. She and her husband Jimmy Rock have just opened a new eatery, Croce’s Park West, located in San Diego’s Bankers Hill neighborhood. Just as she has done for nearly 30 years in the Gaslamp, Croce will still be there to greet diners amd host musicians most nights of the week.
She and her Downtown landlord, Edward Kaen, also have had made peace, following an acrimonious dispute over a lease agreement that expires today..
“I feel very good about this,” she said. “We’ve really done it all Downtown, and we really feel comfortable with what we’ve done and we’re leaving on top. I think it’s all good.”
Millions in California Remain Uninsured
Officials say more than 1 million people have picked a health plan on the federal website, and some 400,000 Californians have enrolled through the state’s Covered California exchange, KPBS reports. Even though many California residents are eligible for subsidized health insurance, the California HealthCare Foundation predicts over the next two years, millions of Californians will remain uninsured.
In a new report, the foundation estimates nearly 1.5 million people who are eligible for coverage just won’t enroll. An additional 959,000 undocumented immigrants won’t be allowed to enroll.
The report also predicts more than 700,000 people won’t sign up for the expanded Medi-Cal program due to lack of awareness.
Some efforts to address these issues are already under way. For example, Covered California is reviewing its marketing strategy, to see if it can do a better job of raising awareness. And state health officials are spreading the word that for the first time, single adults without children can apply for Medi-Cal.
SCORE San Diego Business Workshops
SCORE San Diego offers low-cost workshops on business development. The subjects range from writing a business plan to social media marketing and doing business with the government.
• Jan. 23: “Using the Internet to Market Your Business.” Cost: $49. Location: National University, 3678 Aero Court , San Diego, CA 92123.
• Jan. 24: “Business Plan 4: Financial Planning & Projections.” Cost: $49. National University, 3678 Aero Court, San Diego, CA 92123.
• Jan. 29: “Starting a Restaurant.” Cost: $59. National University, 3678 Aero Court, San Diego, CA 92123.
• Jan. 30: “Search Engine Optimization.” Cost: $49 Location: National University-Carlsbad, 705 Palomar Airport Rd., Suite 15, Carlsbad, CA 92011.