SPHERE & LOSING IN LAS VEGAS: Losses Mount for James Dolan’s Orb
A full year of operating the Sphere didn’t lead to more business for Sphere Entertainment (NYSE: SPHR) in the third quarter, the company revealed during its earnings call on Tuesday.
Sphere revenue was $127.1 million in the quarter ended September 30, down from $151.2 million and $170.4 million in the previous two quarters.
Revenue from events such as the first few Eagles concerts and the orb’s first live sports event, UFC 306, added up to $40.9 million. That’s down from $58.4 million in the second quarter.
Operating losses for the quarter were now $125.1 million compared to a $98.4 million loss in 2023’s third quarter.
“I wish that the day we lit it up that we knew exactly how to run it, exactly how to sell it and exactly how to program it, et cetera, but that’s just not the case,” Sphere Entertainment CEO Dolan told an investor during the call.
Dolan was specifically addressing the Exosphere, whose ad revenue softened during the quarter, after a strong start last year. However, he may as well have been speaking about any aspect of the Sphere’s operation.
