Latham Shrugs Off Point Losses

The Point Theatre in Dublin has revealed it had a euro 3.6 million ($4.6 million) loss last year as a result of shutting down while it undergoes its transformation into the next O2-branded venue.

“Given the gig was closed for 15 months and we’ve spent euro 65 million on the refurb to create the best arena in Europe, we’ve done quite well really,” Live Nation U.K. President Paul Latham told Pollstar.

The venue shut its doors in August last year, which resulted in 2007 revenues dropping euro 1 million to euro 7.7 million. Costs rose significantly, including a euro 2.2 million charge to cover staff layoffs.

Live Nation owns the venue in partnership with businessman Harry Crosbie. Despite the operating loss, it finished the year with accumulated profits of euro 27.2 million, after making a euro 30.3 million gain from selling land.

The venue will reopen as the O2 in December, following a naming-rights deal with the mobile phone operator worth about euro 25 million.

The first act to play it will be Kings Of Leon Dec. 19, which is already sold out, as are two Coldplay shows a few days later. The Killers, Tina Turner and AC/DC are lined up for early next year.

The O2 forms part of Crosbie’s euro 850 million Point Village development, which includes a 39-story residential skyscraper, shopping centre, offices, a hotel and cinema.