According to the latest annual report by Esplanade, the tourists attraction spot and art center posted a record deficit of S$51.1 million. However the Singapore government also gave Esplanade a record grant of S$59.4 million in FY14/15, resulting Esplanade posting a “surplus” of S$9 million.
It is unknown if the S$9 million resulted from increased government grants will be returned to the Singapore government.
Aside from having a financial deficit, Singapore suffers an “art deficit” with very low local art creations and productions. In the employment market, graduates of the fine and applied arts (6.2 per cent of labour market) had higher unemployment rates than the norm. In terms of ticketed and non-ticketed attendance, Esplanade saw fewer people from 19.38 million to 18.9 million visits this year.
You may download Esplanade’s 2015 financial annual report here.