Even though the Sphere lost nearly $100 million in its first quarter of operation, Executive Chairman and CEO James Dolan is optimistic that the new Las Vegas entertainment venue will be profitable as the venue presses ahead with more entertainers wanting to play there, more films in production and more Spheres to be built worldwide.
Dolan also hinted that ticket prices may go up but that Las Vegas was the ideal location to open the first Sphere because of the constantly changing tourist market.
The venue on Wednesday reported a first-quarter operating loss of $98.4 million, primarily due to opening expenses. It generated revenue of $7.8 million with the venue being open just two days of the quarter that ended Sept. 30.
