Mardi Gras Reports $1.2 Million Loss After 2024 Festival

Mardi Gras has revealed it suffered a net operating loss of $1.2m in 2024, and is cutting one of its biggest parties as a result. 

The deficit is their first since 2020, and the largest on record.

The loss comes the year after an incredible World Pride in 2023, which saw the organisation hit a profit of $1.6 million. 

Mardi Gras reported that $1 million was lost to their Bondi Beach Party, which was priced at $239 per head in 2024. The party has its debut at World Pride, and attracted hundreds of eager tourists visiting Sydney for the festivities. While the party successfully sold out in 2023, with 12,000 tickets priced at $179, less than half this number attended the event this year.

Of the 15,000 person capacity, NSW Police estimated that only 5825 attended. 

The NSW Government and City of Sydney contributed $1.1m to the organisation in August to bail them out of a projected budget shortfall, finding that the event might not be able to survive without it.

“At one point, there was a very real possibility that the 2025 festival might have been reduced to just the Parade and Fair Day,” a spokesperson told Star Observer.

The City of Sydney has also provided Mardi Gras with a $250k handout in the form of free rent of new office spaces over a two-year lease.

Mardi Gras has cited a weak Australian dollar, rising production costs, and shifts in discretionary spending with the cost of living crisis as some of the reasons why attendance was down. This was felt by live events across NSW with festivals like Splendour in the Grass, Dark Mofo, Groovin the Moo, and Falls Festival all cancelling their 2024 events or ceasing operations entirely.

A difficult year from the start

World Pride was a tough act to follow, and the 2024 season got off on the wrong foot when Fair Day was abruptly cancelled only days before the event was scheduled to be held when authorities found asbestos in the mulch in Victoria Park. Unofficially the start of the Mardi Gras season, Fair Day attracts approximately 70,000 people and features performances the iconic Doggywood Pageant, and more than 200 stalls from community, business, sports, political, government, religious and health groups.

The event was unable to be rescheduled.

“The forced cancellation of Fair Day was a critical blow to both our finances and the festival’s momentum,” a spokesperson for Mardi Gras said. “With much of the infrastructure already set up, we incurred significant sunk costs and lost key revenue streams from bar sales, donations, and stall holder fees. Fair Day is also our largest festival driver, creating the atmosphere and setting the scene for the forthcoming festival, also traditionally boosting ticket sales for other events.”

“In the face of these extraordinary circumstances, we worked tirelessly to mitigate further losses. Savings were made across other events, operational efficiencies were implemented, and long-term strategies were developed to ensure Mardi Gras could survive – all while simultaneously delivering the full festival.”

A focus on sustainability

Mardi Gras has conducted a comprehensive review of the 2024 festival in order to identify areas for improvement and safeguard the festival’s future, focusing on implementing stronger financial oversight, adopting more conservative budgeting practices, and enhancing risk management protocols.

Although the 2025 program is smaller than previous years, the festival still offers a full and vibrant lineup of events.