AEG Reveal O2 Generates London USD657m Per Year

By Community | April 5, 2011

A press release from AEG Europe, buy buy | owner and operator of The O2 Arena, London, has revealed that a study commissioned by the leading sports and entertainment company revealed figures that show the venue generates an additional income of £405m (US$657m) a year for the English capital.

In November 2010, AEG Europe commissioned independent business consultancy Why Not to assess the social and economic impact of The O2 since its opening in June 2007. The study looked at The O2’s position as a visitor attraction, employer and catalyst for regeneration.

The findings revealed that as well as the additional income created, the O2 attracts up to 7.2 million visitors a year – which equates to more than the number of international tourists received by India or Australia per annum. In addition, the venue has already generated a total economic impact equivalent to more than double the original investment in the Millennium Dome – whilst providing a range of additional social, environmental and commercial benefits.

Alex Hill, Senior Executive Director of AEG Europe said: “Through a combination of state of the art facilities, scale and quality of customer service The O2 has been able to attract a series of fantastic new events to the UK. We host the Barclays ATP World Tour Finals, the world’s best attended indoor tennis event, and have just hosted the first ever NBA regular season games to be held in Europe.”

Councillor Chris Roberts, Leader of Greenwich Council said: “AEG has been a great asset to Greenwich and London. Greenwich Council continue to support AEG throughout all of their operations and development, and in partnership we have delivered real tangible benefits for local residents including jobs, community initiatives, learning programmes and access to a great facility. As well as the world’s most successful arena, we also have plans for London’s first cruise liner terminal at Enderby Wharf and London’s first cable car from The O2 to Excel.”

Hill added: “The O2’s first four years of operation have seen exciting changes for Greenwich and London, but there is more to come. Planning permission has been granted for a 4-star 450 bedroom luxury hotel which will include London’s largest clear span banqueting and meeting space. With AEG’s plans to further develop the site at The O2 and to continue to attract new and innovative content, we will continue to drive employment and contribute millions of pounds to the London economy.”