The London Convention Centre may go the way of Budweiser Gardens, branded with a new, corporate name that would generate more money for the York St. facility.

Big-city venues can get as much as $1 million a year in a branding — it’s not yet known what London’s can fetch, but it would bolster an already healthy bottom line, council’s corporate services committee heard Tuesday.

“I see this as a positive,” said city manager Art Zuidema. “We will capture some revenue from naming rights. There is a real possibility this will affect the bottom line.”

The committee decided to let the centre’s board manage the naming rights issue, and let the city know when it has decided who it will sign, and for how much.

“It is prudent the London Convention Centre is trying to find ways to generate more revenue . . . it makes sense,” said Coun. Jared Zaifman.

The centre also may sell naming rights for interior meeting rooms and even the small park on King St., said manager Lori Da Silva: “We are looking at being creative.”

As for the centre’s economic performance, 2014 set a record, she added. Revenue grew 15.8% over 2013, to $5.36 million, generating a surplus of $355,000.

The 336 events held at the centre over the year generated economic spinoff of $17.5 million, says a report to the committee.

“There was record revenue. It was a very positive year,” Da Silva said, attributed the success to a busy convention season, highlighted by the Association of Municipalities of Ontario convention in August, which drew 1,500 visitors here for several days.

The centre has more than $3 million in reserves and was approved for a $2-million loan from the city as it starts a $5-million main-floor renovation in December, Da Silva said.

The main-floor renovation will include a new public art installation. Work is likely to begin in December, after convention season.

norman.debono@sunmedia.ca