By Andrew Pierce Published: 5:26PM BST 25 Jun 2009  David Campbell: 'We thought that we could get somewhere close to where we are in five years, not two' Photo: David Rose  This week the reborn O2 celebrated its second anniversary, having long ago overtaken Madison Square Garden as the world's most popular arena. It has played host to an eclectic list from Tutankhamen, Ben Hur and Darth Vader to Barbara Streisand and Led Zeppelin.  The success has not just confounded the critics of the O2 which is sponsored by the mobile phone company of the same name for £6m a year. It has also surprised David Campbell, the chief executive of AEG Europe, which has owned the 22-acre big tent since 2005.  "If you put White Elephant and Dome into Google you get hundreds of thousands of hits," he said. "It was a risk, a poisoned chalice, but we worked hard on the rebranding. Few people now call it the Dome."  AEG invested £350m in the first stage of the redevelopment of the 20,000-seat arena, which included a string of bars, restaurants, a nightclub, and an 11-screen cinema. The £350m second phase begins next year with a £200m, 450-bedroom four-star hotel.  Campbell is clear that, if the Government had not reneged on its commitment to a network of casinos across the country, the hotel would already almost be built.  He is still irritated that the casino policy was dumped in one of Gordon Brown's first acts as Prime Minister.  "He was trying to dissociate himself from a policy championed by Blair," he said. "So we went from 40 to eight casinos to one in 18 months.  "Blackpool was the favourite then Manchester got the nod. In the end none was built. It was a shambles. If we had been allowed to build the casino we would already have created 1,000 full-time jobs and generated £75m in taxes."  Campbell has not given up hope that a new Conservative government might reverse the policy: "It's a tough call as it will not be a priority of a new administration but we will test to see if there is any hope of it coming to life."  The idea of reviving the casino will put him on a collision course with the Church and some conservatives in the media who believe he will create even more work for Gamblers' Anonymous. "People never say that about Royal Ascot," he said.  The walls of Campbell's office in the O2 are decorated with countless citations, such as Venue of the Year and Best International Arena. "We are about artistes and the customers which is why we invested heavily in the acoustics," he said.  There is lambs' wool stuffed in the complex's walls and even the seats have soundproofing built into the upholstery.  "Artistes like playing here. We already have 200 nights booked for this year. We thought that we could get somewhere close to where we are in five years, not two."  Later in the year the ATP tennis tournament is coming from Shanghai in a year in which Campbell hopes his fellow Scot, Andy Murray, will play as Britain's first Wimbledon champion since 1936.  In the beginning the O2 was accused of doing cut-price deals to attract the likes of Bon Jovi and Kylie Minogue to perform. "You have to pay all artistes to come," countered Campbell. The O2's income is generated from rental charges which vary depending on the artist and from a proportion of ticket sales.  Campbell, 49, is an unlikely impresario. Born in Kelvinside, Glasgow, in 1959, his father was a purchasing manager for an engineering business, his mother a social worker.  He has worked for Pepsi and Sir Richard Branson and became a millionaire after helping set up Ginger Media Group with Chris Evans. He became chief executive of the O2 in 2005.  The vast AEG US empire includes David Beckham's LA Galaxy football team and the LA Kings ice-hockey franchise. "In the US, AEG does a lot of sporting events – we are more about live performances. It's homework before investing," says Campbell.  He has one ambition, apart from a casino, for the O2 and has already put out the feelers. "If there was anyone in the world it would be Abba. I've asked. It's not going to happen, yet, but just imagine if it did."  That truly would be the "ONE amazing day'' which became New Labour's £850m vanity project.
In its first incarnation the Millennium Dome was a towering triumph of style    over substance and swiftly became a national laughing stock.