Sphere Las Vegas reported a net loss of $98.4 million for its first quarter of operations, the New York-based company reported Wednesday.
The $2.3 billion Sphere opened Sept. 29 and held two sold-out U2 performances on the final days of the quarter. Revenue for the three months ending Sept. 30 was $7.8 million, which included $4.1 million from event revenue and $2.6 million from suite license fees and advertising on the Sphere exosphere.
Sphere Entertainment CEO James Dolan said in a statement the opening “represented a significant milestone, generating worldwide attention.” The company, a spin-off from Madison Square Garden Corp., also includes MSG Network, which was responsible for the bulk of the company’s revenue in the quarter.
Meanwhile, Sphere is searching for a new chief financial officer after Gautam Ranji suddenly resigned on Oct. 30, according to a Securities and Exchange Commission filing.