NY's Metropolitan Opera reports 2009 fiscal woes

FILE - In this file photo of Thursday, May 20, 2010, the Metropolitan Opera House, center, is seen behind a newly rebuilt fountain at Lincoln Center for the Performing Arts in New York. The Metropolitan Opera suffered through an ignoble fiscal year in 2009. It lost money on bad investments just as donations were dropping off and its expenses increasing, according to tax returns files this week. The company finished the year with its net worth cut in half. (AP Photo/Henny Ray Abrams, File)

June 16, 2010 6:54:30 PM PDT
New York's Metropolitan Opera has survived a brutal fiscal year.

According to 2009 tax returns filed this week the company lost tens of millions of dollars on Wall Street while expenses kept climbing. The Met finished the year with its net worth down to $236 million from $380 million a year earlier.

General Manager Peter Gelb tells The Associated Press the costs of running the world's biggest opera house have always been greater than its earned revenues. But he says the Met is now attracting larger audiences with new productions and high-definition live broadcasts in movie theaters.

The tax filings appear to show a drop in donor support, but a spokesman says they'll rise 5 percent this season.