A Wales Audit Office report has confirmed that Pinewood Studio is now costing Welsh taxpayers almost Â£400,000 a year to keep open.
Pinewoodâ€™s 15-year lease for a studio in Cardiff was scrapped last year.
Having foot the Â£9.5 million bill for the siteâ€™s acquisition and refit, the Welsh Government is now covering the costs for the loss-making operation.
The report, published today, puts the annual cost at around Â£390,000 â€“ not withstanding an additional fee being paid to Pinewood for its â€˜managementâ€™.
Welsh Conservatives say the project had promise, but that successive Ministers had turned the â€œgolden gooseâ€� into yet another â€œturkeyâ€�.
Shadow Culture Secretary, Suzy Davies, said:
â€œIâ€™ve been asking questions about this arrangement since Edwina Hart was still Minister.
â€œThe promise was hundreds of jobs and millions of pounds to the Welsh economy.
â€œInstead, we now have suspicions confirmed by the auditor â€“ that Pinewood couldnâ€™t find the films, couldnâ€™t fill the studios, created no sustainable jobs and that there was no safeguard within its agreement with Welsh government preventing conflict of interest.
â€œThe governmentâ€™s own officials admit that the financial projections donâ€™t represent good value for money yet at the same time, they were happy to invest millions of pounds in a rival studio.
â€œNo wonder successive minister have been so tight-lipped about this over the years. Theyâ€™ve turned a golden goose into another one of their turkeysâ€�