Elton has become the latest high-profile figure to reject claims that the West End will suffer during the Olympics.
The Billy Elliot composer, speaking at the seventh anniversary gala performance of the show last night, said he disagreed with Andrew Lloyd Webber, who previously warned that the Olympics will cause a bloodbath for West End theatre.
Elton said: Andrew Lloyd Webber put out a statement saying he feared for West End shows but there are going to be so many people in London and so many things they want to do. London has the best theatre in the world, with great plays and great musicals. I am really optimistic that people will go and support theatre here. They come here and they want to do the lot. British theatre is fantastic.
Billy Elliot director Stephen Daldry, who also attended the gala performance, agreed with Elton.
He said: People have been worried about it and those worries are absolutely valid. But were putting on extra matinees and they seem to be selling.
Elton and Stephen's comments echo those made by Tim Rice, who earlier this year claimed that the Olympics would be a major benefit to the theatre world.