The company behind the Game of Thrones studio tour in Banbridge racked up a loss of £17 million last year, new accounts for the business show.
Despite increasing revenue by 40% to £2.7m last year, Linen Mill Studios reported an operating loss of £7m for the 12 months to September 30 2023.
A further loss of £10m was incurred on the books due to what the company said was a revision of the historic valuation of its assets “to more accurately reflect visitor numbers”.
The value of the studio tour was previously written down by £13.7m in 2022.
It brought the total pre-tax loss across 2022 and 2023 to £33m.
The £40m visitor attraction opened in February 2022 with an original target of attracting 600,000 people each year.
The company has now downgraded that target to 400,000, resulting in the assets held by the business being revalued down to £20m.
Linen Mill Studios has not disclosed how many people actually visited the tour last year, but it said visitor numbers had increased by 30% in 2023 and are up by 35% this year.
Developed in partnership with HBO and Warner Bros Discovery, the attraction was built in the former linen mill factory where part of the smash hit series was filmed.
The trading business behind the tour, which had 66 staff on its books last year, has undergone significant restructuring.
Control of the business switched from local company John Hogg & Co to US firm Stephens GOT LLC last year.
In the latest reporting period, the company said it undertook a full restructuring of its board and senior management.
Linen Mill Studios said Stephens GOT LLC had committed a further £5m of equity funding to support the project.
Despite the massive losses, Andrew Webb, chair of the board of the Game of Thrones studio tour, said the owners and investors remain committed to its future.
“While initial visitor numbers were below original expectations, we are now on a pathway to attracting 400,000 visitors per year,” he said.
“Given the value of tourism to the wider economy, we’re particularly pleased that Game of Thrones studio tour grew visitor numbers by 30% in 2023, with a further 35% rise so far this year.
“Reviews continue to indicate that visitors from around the globe view the Game of Thrones studio tour as a world-class attraction and with a refreshed team and marketing plan in place, we remain ambitious for the future.
“The owners and investors in Game of Thrones studio tour are committed to its future as an iconic tourist attraction for both Northern Ireland and the wider island.
“There is confidence in its broad appeal as a showcase for the wide-ranging skills that are at the fore of NI’s screen industry and as a celebration of the most successful TV show of all time.”
A spokesperson for Stephens GoT LLC said: “The growing numbers of visitors and positive reviews is highly encouraging, and we remain committed to ensuring that this internationally acclaimed attraction reaches its true potential as an integral part of Northern Ireland and Ireland’s tourism offering.”
