31 Oct 2012

Dunedin stadium loses $3.2m

4:12 pm on 31 October 2012

The company running Dunedin's new stadium has reported a loss of $3.2 million in its first year of operation.

The $200 million stadium opened for the Rugby World Cup last August to replace the old venue Carisbrook after a five-year debate which divided the city.

Dunedin Venues Management made an overall loss of $3.2 million for the first financial year, almost $1 million more than was expected six months ago.

The accounts show most the loss was due to almost $4 million of loan costs for the stadium's debt, but that it also made an operating loss of $300,000.

The stadium is owned by the Dunedin City Council.