3Arena In Dublin Sees Profit Halved

DUBLIN (VIP NEWS) — Pre-tax profits at the firm that operates Dublin’s 3Arena were halved from £5 million to £2.5m in the 12 months to end of 2014.

The Irish Examiner reports revenues at Live Nation-owned Apollo Leisure Group Ltd decreased by 8% from £16.73m to £15.35m in the period, with an exceptional cost of £1m concerning the write-off of monies due from a connected firm contributing to the dip.

The accounts show that concerts in 2014 attracted an average percentage capacity of 81%, a slight dip from 82% the previous year.

Beyoncé generated €1m (£720,000) per night in box office receipts for her four-show stint last year, while Ed Sheeran brought in more than €2m (£1.44m) from his four sell-out concerts last October.

Live Nation took full ownership of the 3Arena back in 2013. The company bought the stake for £29.3m from co-owner Nama, after maintaining a `first refusal` clause on the venue, which was then known as the O2. –According to MusicWeek