The company that operates the Bord Gáis Energy Theatre in Dublin’s south docklands recorded an increase in revenue and reduced losses last year as Covid-19 restrictions were eased and the venue was able to return to hosting full-capacity shows.
Crownway Entertainment Ltd’s turnover rose to just under €3.1 million, up from almost €2.8 million in 2020. The company made a pretax loss of €1.2 million during the 12-month period, compared with a deficit of €2.1 million a year earlier.
In 2019, the last full year of operation before the pandemic hit, the venue recorded a profit of €539,076 on turnover of €10.7 million.
The theatre was closed for the first eight months of 2021 due to Covid-19 lockdown restrictions. It was open with reduced capacity for September and October before moving to full capacity in November for The Book of Mormon.
In December its capacity was reduced to 50 per cent for the Lion King show. The venue has been open from early January 2022 on a full-capacity basis.
"We have a fundamental misunderstanding of our housing need."
The theatre sustained 49 jobs during 2021 with the assistance of Government supports, up from 35 in the previous year. Its wage bill reduced by almost €400,000 to just under €1 million during the period.
Abridged accounts for the company show it received €789,027 in wage subsidies and other Covid supports from the State last year, almost double the sum it got in 2020.
The accounts show a cash injection in December 2021 of €400,000 to fund “capital works” via preference shares.
Crownway is a private family investment company owned by husband-and-wife team John and Bernie Gallagher, a daughter of the late hotelier PV Doyle. It acquired the theatre in 2014 for €29.1 million and purchased the freehold on the property from Dublin City Council in 2017.
Entrepreneur Harry Crosbie opened the theatre in 2010 but lost control of the property after his loans were transferred to Nama. Global music events and venue operator Live Nation operates the 2,111-seat venue and Bord Gáis Energy holds the naming rights until 2026.
