Lack of concerts and events sees Croke Park turnover drop nearly 20%

Accounts show main driver of decline in turnover was a drop in 'hire of facilities' revenue, which declined by €4.6m 'due to the fact that the stadium did not host any concerts in 2023 compared to seven concerts in 2022'

The venue hosted no concerts in the financial year ending September 30, 2023. 

Turnover at Croke Park stadium declined nearly 20% to €42m during 2023 due to a lack of concerts and events being held at the facility, newly filed accounts show.

During its latest financial year, ending September 30, 2023, the directors of Croke Park reported a surplus of €3.2m, which is up from €285,000 in 2022. However, this is largely as a result of a lower distribution to the GAA’s Ard Chomhairle.

In 2022, this distribution amounted to €17m, which dropped to €15m last year.

According to the accounts, the main driver of the decline in turnover was a drop in “hire of facilities” revenue, which declined by €4.6m “due to the fact that the stadium did not host any concerts in 2023 compared to seven concerts in 2022”.

Croke Park’s “meetings and events” as well as “catering” divisions delivered a combined turnover of €13.3m, down from €19.3m in 2022.

“Conference trade is gradually trending back to pre-covid levels, however the lack of concert business had a material impact on catering revenues,” the accounts said.

The decline was tempered somewhat by an increase in premium and suite term ticket revenues which delivered a combined €15.6m during the year — up from €13.8m.

"This increase is testament to the ongoing strong demand for premium and suite seating during 2023," the accounts said. 

The stadium also generated €8.3m from 36 match days during the year.

“Other income streams include property rental from the Croke Park Hotel and other property assets, along with a portfolio of stadium advertising and preferred supplier revenues." 

Administration expenses increased marginally by 5.7% during the year, however, the directors noted the “year-on-year comparison is distorted by the fact that we the group received a State energy grant in 2023 of €1.6m”.

“Excluding the energy grant, administration expenses increased by 22.9%. The increase was primarily driven by a return to normal activities after a period of cash rationalisation throughout the covid period.”