"Although the strong business results continue to underline Broadway's revenue stakes in New York, increasing cost pressures have resulted in no increase in the number of shows making a profit," said Mr Bernstein.

Lestat, the new musical from Sir Elton John, was among the year's casualties, closing after just 39 performances.

The £7m show was savaged by critics when it opened at the Palace Theatre on 25 April after a brief run in San Francisco.

Julia Roberts' play Three Day of Rain was also panned by the critics, but sold out weeks in advance thanks to the presence of the Oscar winner in the leading role.

Critical hits included the musical Jersey Boys, the story of singer Frankie Valli and the Four Seasons, and Alan Bennett's The History Boys, recently nominated for seven Tony awards.

BBC NEWS.