James Dolan didn’t expect to spend $2.3 billion building a 17,500-seat Las Vegas entertainment venue.
Circumstances, however, shifted surrounding the Sphere in Las Vegas, including a name change earlier this year.
On Sphere Entertainment’s fourth-quarter conference call last week, the executive chairman and CEO was asked about “strategic transactions” undertaken by the New York-based company, including its spin-off from Madison Square Garden and the sale of a 66.9 percent interest in Tao Group Hospitality for $550 million.
“Can you explain why you believe this investment makes sense and will generate an appropriate return, given that level of investment you put in?” analyst Brandon Ross from LightShed Partners asked Dolan.
