Vegas Sphere reports $98.4 million loss; CFO quits

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Turner Coates
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Vegas Sphere reports $98.4 million loss; CFO quits

Post by Turner Coates »

https://lasvegassun.com/news/2023/nov/0 ... -cfo-quit/

The Sphere in Las Vegas reported an operating loss of $98.4 million for the fiscal quarter ending Sept. 30, Sphere Entertainment Co. said this morning on an earnings call.

Additionally, the company lost its chief financial officer, as Gautam Ranji has resigned, according to a Securities and Exchange Commission filing.

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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by Grendel »

Turner Coates wrote: Fri Nov 10, 2023 11:20 am https://lasvegassun.com/news/2023/nov/0 ... -cfo-quit/

The Sphere in Las Vegas reported an operating loss of $98.4 million for the fiscal quarter ending Sept. 30, Sphere Entertainment Co. said this morning on an earnings call.

Additionally, the company lost its chief financial officer, as Gautam Ranji has resigned, according to a Securities and Exchange Commission filing.

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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by daveg »

I'm guessing it's gonna be $75 beers .... $50 hot dogs now.
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by fret123 »

Grendel wrote: Fri Nov 10, 2023 11:23 am
Turner Coates wrote: Fri Nov 10, 2023 11:20 am https://lasvegassun.com/news/2023/nov/0 ... -cfo-quit/

The Sphere in Las Vegas reported an operating loss of $98.4 million for the fiscal quarter ending Sept. 30, Sphere Entertainment Co. said this morning on an earnings call.

Additionally, the company lost its chief financial officer, as Gautam Ranji has resigned, according to a Securities and Exchange Commission filing.

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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by ijwthstd »

I admit I don't know about business and especially the Sphere's accounting but if the place opened on Sep 29 how were they supposed to turn a profit by Sep 30?
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by Psychobolia.com »

How does Gaudam creatively list this on his resumé?!
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by JourneyRules »

ijwthstd wrote: Fri Nov 10, 2023 2:15 pm I admit I don't know about business and especially the Sphere's accounting but if the place opened on Sep 29 how were they supposed to turn a profit by Sep 30?
Exactly. I have to imagine these early losses were expected.
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by Bassmaster1984 »

Who cares. Vegas is a shithole anyways
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by HueyRamone »

How dare they not make 100 million dollars in their first day.
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by Mister Freeze »

In the past week, they had ads for the latest Marvel movie and a new Coke campaign on the exterior.

They will also do stuff with trade shows, including CES.

As for concerts, Phish is coming in April.

There are ways to make money off this thing. The debt is budgeted in their long-term plans.
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Re: Vegas Sphere reports $98.4 million loss; CFO quits

Post by Nate S Axel »

ijwthstd wrote: Fri Nov 10, 2023 2:15 pm I admit I don't know about business and especially the Sphere's accounting but if the place opened on Sep 29 how were they supposed to turn a profit by Sep 30?
This.

The impact the Sphere has on Vegas is worth more. Aside from revenue from events and venues, the advertising potential is huge. The cost to advertise on the Sphere is $450K PER DAY. It's an estimated 4.7 million daily impressions (300K in person and 4.4 million on social media). Nobody expected to turn a profit right away.

The Sphere will be fine. The cost was higher due to the pandemic and cost of building materials. The CFO quit because nobody likes James Dolan. U2 extended their residency through early 2024, and they're working on following acts as well. Dolan plans to build more "spheres" as well in other cities, which isn't the plan if it's not going to make money.
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LAglamrocker wrote: Wed Sep 20, 2023 10:45 am I can’t believe people actually don’t live in So Cal/ San Diego/Vegas circle ..waste of life
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