SWANSEA Council's Grand Theatre ran at a deficit of £1.733 million last year, according to a report.
That's the equivalent of £4,748 per day, based on the figures in Swansea Council's draft accounts for the 2012-13 financial year.
The turnover at the theatre, which is subsidised by the local authority, was £3.323million, set against expenditure of £5.056 million.
That left a hole of £1.73 million, which was up from £1.59 million the previous year, according to the report.
However, a spokesman for Swansea Council said the real cost of its subsidy was £753,000, not £1.7 million.
He said: "The council provides an annual subsidy to the Grand Theatre so that the people of Swansea and beyond have a leading regional theatre providing a range of high quality performances. This is especially important at a time when Swansea Bay has been short- listed for UK City of Culture 2017.
"The actual cash subsidy from the council was not £1.7 million — it was £753,000 and this was planned for in our budget. The Grand continues to do well during difficult financial times. Last year it attracted almost 227,000 visitors, which exceeded its target."
The accounts report, which goes before the council's audit committee next Thursday, said the theatre was a key part of the authority's "cultural service".
It said: "Ticket prices are set at market rates in conjunction with the companies providing shows, although this requires a significant subsidy from the authority."
Peter Richards, artistic director for the city's Fluellen Theatre Company, said he was staggered by the figure but added: "We have got to support the arts. The mind has to be fed, as well as the body.
Cabinet member for regeneration Nick Bradley said the council made "no apology for the money it puts into the arts", adding the Grand was part and parcel of its bid for UK City of Culture 2017.
