Las Vegas Sphere reports $98.4 million loss; CFO quits

MSG Sphere in Las Vegas unveils immersive sound technology

Sphere Entertainment

A look of MSG Sphere on the Las Vegas Strip.

The Sphere in Las Vegas reported an operating loss of $98.4 million for the fiscal quarter ending Sept. 30, Sphere Entertainment Co. said this morning on an earnings call.

Additionally, the company lost its chief financial officer, as Gautam Ranji has resigned, according to a Securities and Exchange Commission filing.

Ranji’s exit 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 company said in the filing.

The New York Post reported Tuesday that Ranji suddenly quit after a bout of yelling and screaming from CEO James Dolan.

Ranji, who had been on the job for 11 months, will be replaced on an interim basis by Greg Brunner, the company’s senior vice president, according to the filing.

Sphere, the $2.3 billion venue near the Strip that opened Sept. 29 with the start of U2’s multimonth residency, “represented a significant milestone, generating worldwide attention and marking the beginning of a new chapter for our company,” Dolan said in a statement.

That attention includes brand campaigns on the exosphere, such as the promotion of YouTube’s NFL Sunday Ticket and campaigns for other global brands, the company noted in the filing.

Next week, there will be a multiday takeover of the Sphere for the inaugural Las Vegas Grand Prix, Sphere officials said.

Revenue for the quarter included $4.1 million in event revenue — those two sold out U2 shows — and $2.6 million from suite licensing and advertising on the Sphere exosphere.

“We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders,” Dolan said.

Original News Source Link – Las Vegas Weekly


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