After Las Vegas Sphere reports $100 million loss, owner touts value

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MSG Sphere reported a $98.4 million loss for the fiscal quarter ended Sept. 30, one day after the venue opened for the first time on the Las Vegas Strip.

The loss was announced about a week later Gautam Rang resigned As CFO of Sphere Entertainment, according to a Securities and Exchange Commission filing. Runge held his role for 11 months.

Sphere Entertainment said Rang’s departure “was not the result of any disagreement with the company’s independent auditors or any member of management regarding any matter relating to accounting principles or practices, disclosure of financial statements or internal controls.”

Senior Vice President Greg Bruner took over as interim CFO of the company on Nov. 3, the filing added.

Amazing party scene: U2 brings great, iconic songs to Sphere Las Vegas

Dolan: Vegas Sphere has long-term value

During the The last quarterthe company generated $4.1 million in event revenue and $2.6 million from advertising and booth licensing from the Sphere’s massive outdoor screen.

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

The $2.3 billion arena debuted to the public with the first spectacular show from U2’s months-long residency. The concert wowed attendees and social media with the band’s use of LED lights and Sphere’s innovative sound system.

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“The amazing response to U2’s shows at the Sphere has increased the artist community’s interest in playing the venue, and we are in conversations with artists across a wide range of genres, including discussing shows of varying lengths,” Dolan said. “We expect to host two additional residencies in the second half of this financial year and look forward to sharing more details.”

Before opening night, the giant orb dazzled Vegas crowds with an outdoor LED system projecting stunning images. The building has also used its massive screen for promotional deals with NFL Sunday Ticket on YouTube and the Universal Pictures animated film “Trolls Band Together.”

The company added that ticket sales at the venue where Darren Aronofsky’s upcoming “Postcard from Earth” experience will be held occurred in the current quarter and were not reflected in the latest report.

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