Financial resilience in the event center industry: Strategies for revenue diversification and financial sustainability

Download This Article

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

The event centre industry has faced significant financial challenges due to global disruptions, highlighting the need for adaptive financial strategies to ensure sustainability. This study investigates the financial resilience of event centres, focusing on revenue diversification and financial management practices. The research aims to identify effective strategies that support financial stability during crises. Using a descriptive research design, data were collected through questionnaires from eight event centres in Nueva Ecija, Philippines, with at least three years of operational experience, including during periods of major economic disruptions. Key findings indicate that maintaining disciplined financial management, such as managing receivables/payables and cash reserves, and setting financial objectives are critical to resilience. Diversification into new revenue streams and digital marketing also contributed to recovery and growth. The study recommends improving financial literacy, exploring innovative financing options like crowdfunding, and enhancing operational efficiency through budgeting and cost control. This study adds to existing research by focusing on how event centres manage their finances to stay strong during disruptions. The insights contribute to developing robust financial frameworks for event centres facing similar disruptions. This research is relevant for practitioners and policymakers seeking strategies to enhance the financial resilience and long-term sustainability of service-oriented businesses.

Keywords: Crisis Management, Financial Management, Financial Resilience, Revenue Diversification, Sustainability

Authors’ individual contribution: Conceptualization — S.A.O. and A.D.J.C.; Methodology — S.A.O., A.D.J.C., W.B.J., and A.R.S.; Investigation — A.D.J.C. and A.R.S.; Data Curation — S.A.O. and W.B.J.; Resources — A.R.S.; Writing — Original Draft — S.A.O. and W.B.J.; Writing — Review & Editing — A.R.S.; Supervision — S.A.O. and A.D.J.C.; Funding Acquisition — A.R.S.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G32, L83, M10, M21, Q01

Received: 04.01.2025
Revised: 25.03.2025; 31.05.2025; 05.11.2025
Accepted: 26.11.2025
Published online: 02.12.2025

How to cite this paper: Ortega, S. A., Celis, A. D. J., Juera, W. B., & Santos, A. R. (2025). Financial resilience in the event center industry: Strategies for revenue diversification and financial sustainability. Corporate Governance and Sustainability Review, 9(4), 114–124. https://doi.org/10.22495/cgsrv9i4p10