Sphere in Las Vegas made $167.8M in revenue for first three full months

LAS VEGAS (KSNV) — The Sphere in Las Vegas generated revenue of $167.8 million in its first three full months of operation, according to new financial figures.

Sphere Entertainment, the company that owns the venue, on Monday released its quarterly earnings report covering October, November and December 2023.

For operating income, the Sphere alone had a $193.9 million loss. Sphere Entertainment said that when adjusted for one-time expenses, liabilities and other transactions, the venue's operating income was $14.1 million.

Much of that loss was tied to a "non-cash impairment charge of $116.5 million" for scrapping plans to develop a Sphere venue in London.

Factoring in the MSG Networks, which broadcast New York Knicks and New York Rangers games, the company reported total revenue of $314.2 million. The total operating loss was $159.7 million, while the total adjusted operating income was $51.4 million.

"Sphere is a next-generation medium intended to disrupt the traditional venue model," company chairman and CEO James Dolan said in a news release. "With positive adjusted operating income at the Sphere segment in our first full quarter of operations in Las Vegas, our early results are beginning to prove that thesis, and we remain confident in the global opportunities ahead."

The Sphere opened in late September with concerts from U2. The band's residency continued for the rest of the year, and during off-days, Sphere showed the film "Postcard from Earth" by director Darren Aronofsky. It was also a major centerpiece for the Las Vegas Grand Prix's racing circuit in November.

According to Monday's earnings report, The Sphere Experience generated $92.9 million in revenue, events made $55.2 million, and sponsorship and advertising were $17.5 million. Operating expenses totaled $67.3 million.

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