Joe GallopSphere Entertainment Co., operators of the $2.3 billion, 18,600-capacity MSG Sphere in Las Vegas, reported losing $98.4 million (£80.3m) for the financial quarter ending on 30 September, a day after the venue first opened.
The company’s revenue fell to $118.0m, a decrease of $5.1m, as compared to the prior-year quarter.
It also reported an operating loss of $69.8 million (an increase of $18.7 million), and an adjusted operating loss of $57.9 million (an increase of $27.1 million), both compared to the prior-year quarter.
The Sphere opened with a show by U2 kicking off the Irish rock band’s 25-show residency in the dome. Sphere Entertainment (formerly Madison Square Garden Entertainment) CEO James Dolan has announced the venue is set to host two more residencies in the first half of 2024.
It was also reported that the company’s CFO Gautam Ranji stepped down following a disagreement with Dolan. The company’s own filing, however, said the resignation 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.”