Las Vegas Sphere has reportedly made a loss of $98.4 million
Revenue is allegedly down by 71 percent, according to reports.
Image: Patrick T. Fallon via Getty Images
The Las Vegas Sphere has reportedly made a large financial loss of $98.4 million since its opening in September.
The colossal venue, which has a capacity of 18,000 people and cost $2.3 billion to build, is currently hosting a residency from U2 until February 2024. The run of shows were set to wrap up in December, but further dates have been added.
The Sphere hosts the world’s largest LED screen, and was built to host not only live music but also sporting events and film screenings. It measures at 366 feet tall and 516 feet wide, also making it the world’s biggest spherical structure.
Despite the large investment in the dazzling venue, The New York Post reports that The Sphere is expected to post a quarterly loss of $1.27 a share, according to a survey of Wall Street analysts. Revenue from the venue so far includes $4.1 million from two sold-out U2 shows and $2.6 million from suite licensing and advertising on its exosphere.
https://www.youtube.com/watch?v=7VuQHSVnnvs
The publication also reports that The Sphere’s chief financial officer, Gautam Ranji, has seemingly quit according to a Securities and Exchange Commission filing.
Though the filing says this 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,” The New York Post says that “a source with knowledge” claims CEO James Dolan was “yelling and screaming” at Ranji, who “calmly left the room and gave his notice to the company’s general counsel.”
U2 will be continuing their shows through to the new year, all of which are centred around their 1991 album, Achtung Baby. You can find out more about The Sphere and view its upcoming events via its official website.
