Las Vegas Sphere reveals nearly $100 million loss in latest quarter soon after CFO resigns

The MSG Sphere reported losing $98.4 million for the financial quarter ending on Sept 30, a day after the venue first opened in Las Vegas Strip. 

The loss was announced around a week after Gautam Ranj resigned as Sphere Entertainment’s chief financial officer, according to a Securities and Exchange Commission filing. Ranj held his role for 11 months. 

Sphere Entertainment said Ranj’s departure was “not a result of any disagreement with the Company’s independent auditors or any member of management on any matter of accounting principles or practices, financial statement disclosure or internal controls.” 

Senior Vice President Greg Brunner took over as the company’s interim CFO on Nov. 3, the filing added. 

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Dolan: Vegas Sphere has long-term value

During the latest quarter, the company earned $4.1 million in event revenue and $2.6 million from advertising and suite licensing from the Sphere’s massive exterior screen.

Following the news of the operating loss, CEO James Dolan told shareholders that the company is building a positive momentum and is positioned to drive long-term value. 

The nearly $2.3 billion arena debuted to the public with the first spectacular show from U2’s multi-month residency. The concert stunned attendees and social media with the band's use of the Sphere’s groundbreaking LED and audio system. 

“The incredible response to U2’s run at Sphere has only increased interest from the artist community to play the venue, and we’re having conversations with artists across a wide variety of genres, including discussing runs of varying lengths,” Dolan said. “We expect to host two additional residencies in the second half of this fiscal year and look forward to sharing more details.”

Prior to opening night, the giant orb wowed Vegas crowds with its exterior LED system showcasing stunning visuals. The building also used its massive screen for promotional deals with YouTube’s NFL Sunday Ticket and the Universal Pictures animated film “Trolls Band Together.” 

The company added that ticket sales at the venue for Darren Aronofsky’s upcoming "Postcard from Earth" experience occurred in the current quarter and were not reflected in the latest report.

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