AMI Stadium in Christchurch made a profit of $111,000 in its first year, but is expected to lose $400,000 over the rest of its lifespan.
The stadium was built to last for five years as a temporary structure after the earthquakes left the city's original stadium unuseable.
Christchurch Stadium Trust chair Jim Anderton said the trust predicts the stadium will lose $397,000 over the remaining four years.
But, he said, that figure does not take into account revenue generated by as-yet unsigned events, efforts to bring in more sponsorship, or money saved after the stadium's insurance premium fell by $180,000 in one year.