Venu, a hospitality and live music venue developer based in Colorado Springs, brought in revenues of $13.6m (£11m/€13.3m) for the nine months ending September 30, 2024, compared to $8.7m the same period the year prior.
Published at the end of last month, Venu revealed its financial results for the first nine months of 2024. During that time, it opened its first live, luxury entertainment complex in Colorado Springs – Ford Amphitheater.
Colorado Ford Dealerships purchased the naming rights for 10 years in a deal worth a total of $13m.
The $70m facility hosted its grand opening weekend in August with a sold-out crowd welcoming Ryan Tedder and his band OneRepublic. The venue hosts over 8,000 per show and features 92 custom-built, luxury fire-pit suites.
Venu also opened a restaurant and entertainment property in Gainesville, Georgia in 2023.
During its first limited season of 17 shows, more than 96,000 music fans attended from all 50 states in the US.
The venue is booked through a partnership with AEG Presents Rocky Mountains. Venu generates net profits that split with AEG through ticket sales, fees and rebates on tickets for concerts and events held at the amphitheatre, parking fees, venue rental, food and beverages, premium upgrades and more.
The 17 shows at Ford Amphitheater generated gross receipts of nearly $13m which is inclusive of ticket sales, concessions, ticketing fees, parking, premium upgrades and more. The venue sold over 83,000 tickets at an average of $152 per ticket for its first run of shows.
Venu’s restaurant segment of the business generated just over $8m for the nine months ending September 30.
Event operations, which are defined as small to mid-size live entertainment venues, generated $3.8m for the first nine months of 2024.
Net profit from amphitheatre operations – defined as profit after Venu’s split with AEG – and receipts from naming rights during this period generated over $1.6m.
“With two completed and operating campuses in Colorado Springs, Colorado and Gainesville, Georgia; four in the construction phase, and five others in the design and development phase, we have set the stage for continued growth,” said J.W. Roth, the company’s founder, chairman and chief executive.
“Together, once operational, these anticipated markets are projected to add over $2bn in real assets to our balance sheet and will bring our seat inventory to an anticipated 150,000 seats.”
“When fully developed, our initial 11 live entertainment complexes will be able to hold up to 60 shows per year, which calculates gross sellable seating at approximately 10 million seats per year. With an expected average gross sales price of $150 per seat, Venu’s annual gross receipts could be in excess of $1.5bn.”
The figures come from the first earnings report since the company’s initial public offering (IPO), which closed on November 29.
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