Las Vegas’ MSG Sphere Reports $98.4 Million Loss, CFO Quits

Las Vegas’ brand-new multi-billion dollar venue, the MSG Sphere, has reported a $98.4 million loss this quarter.

The sphere, which officially opened on September 29 with the first of U2’s residency shows, initially predicted revenues around $117.3 million, but a report from The New York Post on Tuesday indicates that the venue’s revenue streams are now down 71 percent.

The New York Post also reported The Sphere’s Chief Financial Officer, Gautam Ranji has quit his job, following a spat with MSG CEO James Dolan, who was allegedly “yelling and screaming” at Ranji.

In a Securities and Exchange Commission filing, the company claimed that Ranji’s 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.”

However, an inside source told The New York Post, “They did a wonderful job burying the news. A CFO quitting less than a week before earnings is unheard of.”

The company filing states that The Sphere’s Senior Vice President, Greg Brunner, will replace Ranji on an interim basis.

The relatively marginal revenue that The Sphere has made includes $4.1 million coming from its two sold-out U2 shows and another $2.6 million from suite licensing and advertising on its “exosphere,” according to the Las Vegas Sun.

Constructed with live performances and the arts in mind, as opposed to sports, the massive venue has been described by local residents as “like a sun on earth,” and cost $2.3 billion to build.

Next week, The Sphere will host a multi-day takeover for the inaugural Las Vegas Grand Prix.

Featured image from @Spherevegas via Instagram.

Inspired by: edmmaniac.com

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