U2 Experience open to the public at the Venetian in Las Vegas
To complement U2’s series of shows at the Sphere in Las Vegas, a U2 “experience” was built between The Venetian and Palazzo resorts.
Mood
MSG Sphere reported a loss of $98.4 million for the fiscal quarter ended Sept. 30, a day after the Las Vegas Strip venue opened.
The loss was announced about a week after Gautam Ranj resigned as Sphere Entertainment’s chief financial officer, according to a filing with the Securities and Exchange Commission. Ranj held his role for 11 months.
Sphere Entertainment said Ranj’s departure 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.”
Senior Vice President Greg Brunner took over as the company’s interim CFO on Nov. 3, the filing added.
Stunning concert spectacle: U2 brings proud, iconic songs to Sphere Las Vegas
Dolan: Vegas Sphere has long-term value
Last quarter, the company generated $4.1 million in event revenue and $2.6 million from advertising and suite licensing on the Sphere’s giant outdoor screen.
Following the news of the operating loss, CEO James Dolan told shareholders that the company was building positive momentum and positioned to add long-term value.
The nearly $2.3 billion arena was unveiled to the public for the first time with the first spectacular show of U2’s month-long residency. The concert stunned attendees and social media with the band’s use of Sphere’s groundbreaking LED and audio system.
“The incredible response to U2’s performance at the Sphere has only increased the artistic community’s interest in performing there, and we are in discussions with artists across a wide range of genres, including discussing performances of varying lengths,” Dolan said. “We expect to host two additional residencies in the second half of this fiscal year and look forward to sharing further details.”
Ahead of opening night, the giant sphere wowed Vegas audiences with its outdoor LED system that delivered stunning images. The building also used its massive screen for endorsement deals with YouTube’s NFL Sunday Ticket and the Universal Pictures animated film “Trolls Band Together.”
The company added that venue ticket sales for Darren Aronofsky’s upcoming “Postcard from Earth” experience occurred in the current quarter and were not reflected in the latest report.
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