INEC Forecasts 40% Revenue Drop

The operator of the INEC Arena concert venue and the Gleneagle Hotel in Killarney is anticipating that revenues for 2021 will be down 40% on pre-Covid years. A spokeswoman for the Gleneagle group said that with the aid of Government supports, the business is confident that it will significantly reduce the losses recorded in 2020 and 2021.

The Gleneagle INEC business was able to boost revenues in 2021 with the construction of an outdoor stage where a number of Irish artists performed in front of capped audiences.
The Gleneagle Group spokeswoman was commenting on accounts for Gleneagle Holdings (Killarney) Ltd which show that the group recorded pre-tax losses of €2.3m in 2020. The 2020 pre-tax loss was more than a six-fold increase on the 2019 pre-tax losses of €361,332.
The 2020 losses followed the group sustaining a 61%, or €13.3m, revenue hit during 2020 due to the impact of the Covid-19 pandemic. The accounts show that revenues reduced from €21.75m in 2019 to €8.4m in 2020.