The Schaumburg Convention Center and Hotel’s purpose is to attract visitors to Schaumburg to support and enhance the local economy. These visitors who might not otherwise come to Schaumburg play an important role as consumers of goods and services sold by local businesses. The Convention Center and Hotel contributes approximately $43 million annually to the local economy.
It is for this reason the village purchased a previously under productive tract of land, agreed to levy small consumption taxes, and built the convention center and hotel. The facility generates far more economic activity than is collected from these taxes.
Approximately $6.9 million in taxes are dedicated each year for the purpose of paying off a portion of the debt sold to build the facility. These taxes are primarily paid for by visitors. The taxes and their rates are:
- Amusement Tax (5%)
- Hotel Tax (2%)
- Food and Beverage Tax (0.45%)
In 2019, the Convention Center hosted an all-time high 97 events with an estimated 350,000 attendees. These visitors to Schaumburg spend their money in retail centers, restaurants, and entertainment venues. Of the $6.9 million in taxes collected, $2 million was collected directly from users of the convention center and hotel.