$4.3m loss $4.3m loss for Eden Park
Eden Park has reported a loss of $4.3 million for 2021, blaming depreciating assets and a ‘‘challenging’’ year for the events industry.
The stadium spent $600,000 more on sports events than it made, spending $7.8 million and receiving just $7.2 million, according to its report.
The 2021 figures were an improvement on previous years. It recorded a $7.1 million loss in 2020, a $6.3 million loss in 2019, and a $7.7 million loss in 2018.
In a report released at its annual general meeting last week, the stadium estimated it lost $500,000 a month at alert levels 2 and 3.
The year was a ‘‘rollercoaster’’, chief executive Nick Sautner told Stuff.
‘‘It’s amazing how quickly we went from sell-out events, to lockdown, to sellout events, to lockdown again.’’
Eden Park lost a T20 cricket match and two All Blacks test matches as a result of Covid-19, but gained a Bledisloe Cup test match and the Phoenix vs Perth Glory football match.
The stadium’s big moneymaker was its membership revenue, which leapt by $3.5 million to $8.8 million in 2021. Eden Park offers annual memberships ranging from $400 to $2500 which are unaffected by match cancellations. It also has suites which can be leased for a year.
The stadium successfully held its first ever concert following a change in resource consent conditions, with Six60 drawing 50,000 ticket holders.
Eden Park received $2.5 million in grants from Auckland Council which it said it spent on CCTV, turf improvements, noise attenuation and a ‘‘superscreen’’.
It also received $298,000 in wage subsidy and resurgence payments from the Government.
However, the depreciation of Eden Park’s ‘‘high value’’ assets wiped $9.6 million from its profits, resulting in its multimillion dollar loss.
Including grants and before depreciation, it made an operating profit of $8.1 million. Its land was also revalued, adding $30 million to its total equity.
Sautner said he was cautiously optimistic about the year ahead.
He said before the country shifted to the red light setting, pencilled bookings were looking strong, and the stadium could even reach its cap of six concerts.
‘‘We do still feel optimistic about the pencilled bookings for the summer of 2022/23 as there’s plenty of water to go under the bridge between now and then.’’
Six60 is scheduled to perform at Eden Park again on April 6, while Guns and Roses is scheduled for December. Neither has yet cancelled their shows.
‘‘We continue to plan for pencilled bookings and to liaise with promoters, while noting that at this stage, some of these plans may lack in surety,’’ Sautner said.
The annual report said Eden Park was anticipating a normal event schedule for domestic, international and Super Rugby. It has also scheduled Women’s Cricket World Cup matches in March and Women’s Rugby World Cup matches in October.
At the red traffic light setting, events cannot be held with more than 100 attendees, meaning sporting events may go without crowds.
‘‘It’s amazing how quickly we went from sell-out events, to lockdown, to sell-out events, to lockdown again. ’’
Nick Sautner, Eden Park Chief executive