The Sphere in Las Vegas
Photo: Getty Images, Ethan Miller. All rights reserved.
Stunning images made the rounds on September 29, 2023, when U2 performed for the first time at The Sphere during their Las Vegas residency. Abstract optical illusions, the blue sky over a desert or thousands of stars – the dome equipped with huge screens enables a unique stage setting. But apparently the innovative concert location is in its first financial crisis – less than two months after opening. A spokesman has now announced that The Sphere made a loss of 98.4 million dollars (around 92.2 million euros) this year.
The spherical hall is operated by the same company that owns New York’s Madison Square Garden. But apparently the new project, which cost around 1.8 billion euros to complete, reduced the organizer’s revenue quite a bit. According to the New York Post, this year’s revenue is around 118 million dollars (around 110.4 million euros) – 71% less than last year. The venue’s revenue included $4.1 million (€3.8 million) from sold-out U2 concerts and $2.6 million (€2.4 million) from suite licensing and on-venue advertising (Exosphere ). A survey of Wall Street analysts has now predicted a quarterly loss of $1.27 (1.19 euros) per share.
But that’s not all: Gautam Ranji, the company’s finance director, has apparently resigned. The official announcement said his resignation was “not the result of a disagreement with the company’s independent auditors or any member of management regarding accounting policies or practices, financial disclosure or internal controls.” But anonymous sources told the New York Post that Ranji quit after CEO James Dolan “yelled” at him. “They did a wonderful job of burying the news. A CFO quitting less than a week before earnings is unheard of,” the source told the daily.
However, there is still a chance to increase the profits of the 157 meter wide and 112 meter high hall. Not only did U2 recently announce that they want to extend their residency at The Sphere. Furthermore, the Grand Prix will take place in Las Vegas from November 16th to 18th, with The Sphere being the heart of the race track and one of the spectator locations.