The venue has also lost their CFO.
The MSG Sphere in Las Vegas has reportedly made a loss of nearly $100 million, just months after opening in the US city.
The brand new multi-billion dollar venue, currently home to residents U2, has lost $98.4million (approximately €92.2 million) according to the The New York Post.
The outlet reports that the company, which also owns Madison Square Garden in New York, published revenues of $118million, down 71% from last year.
$4.1million of that reported revenue is from the sold-out U2 shows, which will now extend into February 2024. $2.6million also comes from suite licensing and advertising on its giant “exosphere”.
As well as the huge reported losses, the Sphere’s chief financial officer, Gautam Ranji, also resigned last week. Ranji’s resignation also comes with reporting from the NY Post that he quit after CEO James Dolan was “yelling and screaming” at him.
U2 announce hiatus from Las Vegas Sphere residency
The news of the mounting struggles of the MSG Sphere comes after U2 announced they would be going on “a little break” from their residency in order to make way for the Last Vegas Formula 1 race in late November.
During their concert at the state-of-the-art venue, Bono said: “As I mentioned, we’re going on a little break after tonight. We’re giving Las Vegas back to Formula One actually.
“Now, if you don’t know what Formula One is, it’s a sport where very tidy, lean, mean men and some extraordinary women climb onto rockets and try to stay on Earth and not achieve orbit or something like that.
“A little like rock and roll, less dangerous!”
U2’s original Las Vegas residency was due to come to an end on December 16, however their run of concerts are now extending by 11 more shows, taking them into February 2024.
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