Venues NSW Reports $7.7M Loss

Venues NSW, the New South Wales Government agency that runs four of its sports and entertainment stadiums, reported a A$7.77 million ($6.1 million) loss in its 2014 annual report.

It made a profit of A$3.78 million ($2.9 million) the year before.

The four venues are Sydney’s , Newcastle’s  and Entertainment Centre and, Wollongong’s .

These dropped in revenue from events from A$14.2 million ($11.2 million) in 2012-13 to A$13.71 million ($10.8 million) in the last fiscal year.

Cited reasons were increasing competition from wineries for rock acts, sporting events opting for larger venues and the failure of some venues to get naming rights sponsors.