Sell out shows at the Gleneagle Arena by The Wolfe Tones, Kingfishr and Picture This helped the Gleneagle Group in Co Kerry to record revenues of €29.43m in 2024.
New accounts filed by Glenagle Holdings (Killarney) Ltd show that despite a 3% increase in revenues to €29.4m operating profits at the hospitality group declined by 44% to €1.8m in 2024.
Bob Dylan was one of the sell out acts at the Gleneagle Arena in Killarney in 2025 and a Gleneagle Group spokeswoman said today: "2024 delivered the highest revenues in Gleneagle's history. That said, it was also a year of significant cost pressures across utilities, payroll and supply chains".
"We continued to reinvest substantially in the property and facilities to enhance the guest and delegate experience, so while revenues were strong, we remained focused on long-term sustainability and quality," the spokeswoman said.
She said that the Gleneagle Arena, formerly the INEC, "made a very significant contribution, not only to Gleneagle revenues but also to driving visitor demand for Killarney as a whole".
"Live entertainment and large-scale events are a key part of our business model, generating overnight stays, food and beverage spend and wider economic impact locally," she said.
The hotel group recorded a pre-tax loss of €268,022 in 2024 compared to a pre-tax profit of €2.35m in 2023.
The group sustained the pre-tax loss arising from €873,714 in interest payments, €468,886 in company debt written off and a €733,289 loss on disposal of investments.
Asked to comment on how the group performed in 2025, the spokeswoman said: "We are pleased with the overall performance of the business in 2025. Revenue and profitability have tracked in line with our budgets and forecasts".
"While final accounts are still being completed, performance has been steady and disciplined, reflecting a balanced mix of leisure, live entertainment and conference business," she said.
Along with the sell out music acts at the Gleneagle Arena, the spokeswoman said: "Ireland BikeFest remains one of the most significant events on the annual calendar attracting large national and international audiences".
"The conferencing and association market has also been a major contributor. Large-scale events such as Fáilte Ireland’s Meitheal, Oireachtas na Gaeilge, IPPN and the Irish Hotels Federation conference have reinforced the venue’s position as one of Ireland’s leading conference and live entertainment destinations," she stated.
On the prospects for 2026, the spokeswoman said: "Bookings for 2026 are strong at this stage. We are seeing encouraging forward demand across both entertainment and conference segments".
"A number of high-profile medical and association conferences are confirmed to return, alongside major cultural events including Irish dancing competitions and Oireachtas na Gaeilge," she said.
"Overall, 2026 is shaping up positively, underpinned by repeat business and the continued strength of Killarney as a national events destination," she added.
The pre-tax loss takes account of non-cash depreciation costs of €1.43m and a €1.22m loss on the disposal of tangible assets.
Numbers employed at the business in 2024 increased from 312 to 325 as staff costs rose from €11.48m to €11.86m. At the end of December 2024, the business had shareholder funds of €12.32m.
The company's cash fund increased from €3.59m to €4.47m.
The company recorded a post tax loss of €591,440 after incurring a corporation tax charge of €323,418.
Reporting by Gordon Deegan
