"Black Sea Arena" suffered a loss of GEL 17.4 million in 4 years

access_time2021-11-24 11:00:32

Christina Aguilera, Scorpions, 30 seconds to mars, Aerosmith, jessie j, Black Eyed Peas - these and other musicians performed on the stage of the Black Sea Arena concert hall located in the Black Sea resort of Shekvetili, but due to the pandemic the concert hall designed for 10 000 spectators has not been functioning for almost 2 years. 


According to the Black Sea Arena Director Tato Kharchilava, the doors of the hall will not be open in 2021 either, open-air events are planned to be held in the large public space around the facility.


“We planned concerts for August 2021, but due to the pandemic and COVID-19 restrictions, they were postponed to 2022. the concert hall will presumably resume operating in May 2022, but still  all depends on the pandemic,” he notes.


In Kharchilava’s words, after the concert hall resumes operation, it will become clear whether 2022 will be profitable, or the Black Sea Arena will suffer looses again.


The concert hall construction  began in 2008  on the initiative of  the Cartu Foundation owned by billionaire Bidzina Ivanishvili. The investment cost of the project amounted to $ 115 million.


The concert hall opened in 2016 with a performance by one of America’s leading pop stars Christina Aguilera. The facility was transferred to the ownership of the Ministry of Education, Culture and Sports.


Two  years of the pandemic had a negative impact on the financial performance of Black Sea Arena, but it’s worth mentioning  that it was unprofitable before the pandemic as well- in 2017 its losses amounted to GEL 4, 6 million, in 2018 - GEL 4, 3 million, in 2019 - GEL 2, 2 million.


In  the pre-pandemic period the concert hall stood  idle for months, but required  considerable funds on its maintenance.


In particular, in 2020 the hall received subsidies from the state in the amount of GEL 4 million, in 2019 - GEL 10.4 million, in 2018 - GEL 7 million, in 2017 - GEL 11 million.


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access_time 2021-11-30 17:00:00