Sphere Entertainment Co. has finally started hitting the financial groove that company officials have talked about since they opened Las Vegas’ immersive, spherical venue in 2023.
The company, which owns the $2.3 billion Sphere Las Vegas and is on the verge of building a similar facility in Abu Dhabi, on Monday reported net income of $151.8 million, $3.39 a share, on revenue of $282.7 million for the quarter that ended June 30.
During the same period last year, the company booked a net loss of $46.6 million, a loss of $1.31 a share, on revenue of $273.4 million.
“As we said from the start, our goal is to design and operate a venue that’s busy 365 days a year with multiple events on most days. And while we started in Las Vegas, our strategy has always included a global network of Sphere venues,” Sphere Entertainment Chairman and CEO James Dolan said in a conference call with investors on Monday.
