SM Prime Holdings Inc. has lined up more than 20 major events this year for the newly launched SM Seaside Cebu Arena as it seeks to strengthen Cebu's position as a destination for large-scale concerts, sports competitions and live entertainment.
The property developer said Thursday that the scheduled events included performances by local and international artists, live productions, sporting events and family entertainment, with some set to stage their first large-scale shows in the Visayas.
"Our goal is to help Cebu capture a larger share of the live entertainment economy," SM Prime President Jeffrey C. Lim said.
"When major events come to the city, the impact extends beyond the venue. They support tourism, hospitality, transport, retail and the
local services that benefit from stronger visitor inflow."
The company noted that demand for live entertainment was continuing to grow amid changing consumer preferences, particularly among younger audiences who said to be increasingly prioritizing experience over material purchases.
SM Prime is also expanding its ticketing business after partnering with global company Ticketmaster in May. The partnership will combine Ticketmaster's ticketing platform and fraud prevention technology with SM Prime's local operating network.
SM Seaside Cebu Arena is located within the South Road Properties, a 300-hectare reclamation area managed by the Cebu city government.
It is connected to the SM Seaside Cebu mall and will also be linked with the upcoming SMX Convention Center Seaside Cebu and Park Inn by Radisson and Radisson Hotel.
The mixed-use development should help strengthen the city’s tourism appeal as an entertainment center and choice venue for the meetings, incentives, conferences and exhibitions (MICE) segment, the property developer said.
SM Prime shares on Thursday jumped P0.18, or 0.99 percent, to close at P18.36 each.
