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Chicago

Coronavirus-related cancellations come to McCormick Place

Metropolitan Pier and Exposition Authority advised investors about the fallout from the spreading virus

McCormick Place (Credit: iStock)
McCormick Place (Credit: iStock)

The coronavirus outbreak has led to an increasing number of events getting canceled across the U.S., and in Chicago, things are no different.

Metropolitan Pier and Exposition Authority said four events at its sprawling McCormick Place convention center were canceled amid concerns about the virus, according to the Chicago Sun-Times. The municipal corporation, known as McPier, owns McCormick Place, billed as the largest convention center in North America.

McPier warned investors late last week about the financial fallout from the canceled shows and events. The possibility that virus-related cancellations could drive down revenue came as part of McPier’s updated offering statement for an $881 million bond refinancing, according to the Sun-Times. The bond refinancing was approved in December and scheduled to close next week.

The first three cancellations were mentioned in McPier’s amended offering statement: International Housewares Association’s four-day “Inspired Home Show,” Modern Business Experience’s three-day event sponsored by Oracle and a national meeting called by Ace Hardware.

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The fourth cancellation came Monday, when the American College of Cardiology called off its three-day World Congress of Cardiology event that was scheduled for the end of the month.

The cancellations, McPier said, “will likely adversely affect the commercial activity and taxable transactions expected to be realized in connection with these events.”

The agency acknowledged that additional events could be canceled at McCormick Place or its other venues if the coronavirus “persists as a public health emergency or if other health epidemic conditions arise and persist.”

Last week, the four-day MIPIM conference in Cannes, France — one of real estate’s largest annual events — was rescheduled for early June. It had been set to start March 10.

Other real estate events and shows have also been canceled, and coronavirus concerns may also be coming to the residential market. In New York, average attendance at open houses last weekend was 4.77 visitor groups, down from 5.62 the weekend before, according to Bloomberg. [Sun-Times] — Brianna Kelly

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Coronavirus