€7.15m profit for O2 operator
Over one million people went through the doors of the venue in its first full year and the profits by the company that operates the O2, Amphitheatre Ireland Ltd, to the end of December last follows an after-tax losses of €531,672 in 2008 when the venue was open for less than one month.
The former Point Theatre closed in August 2007 to allow renovations be carried out and the €80m 02 venue reopened in December 2008.
The 14,500-capacity 02 is jointly owned by Dublin businessman, Harry Crosbie and the Los Angeles- based concert promoters, Live Nation which counts U2 and Madonna among its acts.
The profit secured by Amphitheatre Ireland Ltd is confirmed in accounts filed to the Companies Office by a holding company, Live Nation Ireland Holdings Ltd to the end of December last.
The holding company’s account state Amphitheatre Ireland Ltd had capital and reserves of €48.9m at the end of last year. The accounts confirm Live Nation Ireland Holdings Ltd last year received a dividend payment of €2.2m from Amphitheatre Ireland Ltd.
No turnover figure for Amphitheatre Ireland Ltd is available for 2009 as the company’s figures have been consolidated into filings for a London-based Live Nation subsidiary, Apollo Leisure Group Ltd.
The directors’ report states that the number of admissions fell 18.7% to 5.3 million and number of shows decreased 24% to 3,814, but they add that this decline was partly offset by a full-year trading of the O2 in Dublin.
Over 170 shows were staged at the O2 last year that included Beyonce, Leonard Cohen, and the Killers, while upcoming gigs include Lady Gaga and Arcade Fire.
The accounts confirm that Mr Crosbie owns 50% of Amphitheatre Ireland Ltd.
In 2008, mobile phone company O2 agreed to pay €25m for the naming rights of the revamped Point in a 10 year deal.
A spokesman for Amphitheatre Ireland Ltd yesterday declined to comment.
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