The company running Dunedin's Forsyth Barr Stadium is promising a "completely different ball game" despite confirming another $1 million loss.
Dunedin Venues Management Ltd's six-month results, covering the period to December 31 last year, showed it lost $1.031 million as revenue and operating profit declined.
DVML chief executive Terry Davies said the result was expected and reflected the absence of an All Blacks test match at the stadium.
The stadium hosted two tests in 2013-14 but, due to a quirk of timing for the second, none in 2014-15.
That meant DVML missed out on "a significant chunk of revenue" to add to its books for the period, but that had been expected, he said.
Despite that, the company would meet its full-year forecast, which predicted a total loss of just over $1 million for the 2014-15 year, he said.
"It hasn't got worse. It's coming in exactly where we forecast it," he said.
Mr Davies also remained bullish about the company's prospects beyond the next six months, saying costs were being more closely managed and activity at the Dunedin Centre was picking up.
Rod Stewart's upcoming April 11 stadium concert would also deliver an unbudgeted boost to the bottom line, and more concert news was "in the pipe", he said.
"Next year, it's a completely different ball game. There's more content, better utilisation, managing our costs - we're looking at a pretty decent result next year."
However, the real game-changer for DVML would be the implementation of the stadium review recommendations, Mr Davies said.
The changes, which would see ratepayers pumping another $1.81 million year into DVML, have been endorsed by councillors, subject to public consultation as part of the long-term plan process.
Exactly how the expected $1 million shortfall for 2014-15 would be covered was yet to be confirmed.
"My priority was just to meet what was expected of us this year... that was the first thing we needed to do to build some credibility, and we'll do that."
DVML's report, released on Friday, also showed the stadium had hosted more than 170 events during the six-month period: 60 community events, two entertainment events, 19 amateur or professional sports fixtures, 56 meetings, 12 conferences/exhibitions and 24 social functions.
The refurbished Dunedin Centre and Town Hall hosted 106 events: 12 conferences/exhibitions, 33 meetings, 23 social functions, 23 concerts, 12 graduations/citizenship ceremonies and three community events.