LAS VEGAS (KALS) — Sphere is Las Vegas’ latest attraction and it’s catching the eye of many. Recently officials revealed how successful it’s been financially.
Having just opened last September, Sphere Entertainment debuted two shows, both of which brought in a massive amount of revenue.
Sphere ticket sales for the second quarter reached $314 million. The takeaway costs for expenses were at $159 million and the total profit for their second quarter equates to $51 million.
Jim Dolan, Executive Chairman and Chief Executive Officer of MSG Entertainment shared some insight during a recent conference call.
“With Sphere, we wanted to design a venue that would be busy 365 days a year with multiple events per day,” Dolan said. “During the second quarter, we sold more than 1 million tickets to over 200 events.”
Dolan stated that it’s their residencies that are generating the most revenue.
“High sold-out residencies are not only profitable, but they generate awareness for Sphere and other events as a venue. U2’s sold-out run is a great example,” he added.
While tremendous revenue is made inside the venue, the Exosphere generates substantial income too.
“We’ve also had strong demand from advertisers who have been quick to recognize the unique value of the Exosphere,” Dolan said.
Some ads are running for $450,000 just for a day’s worth of exposure on the $1.2 million LED screen.
With so many Super Bowl advertising campaigns, officials said this week they are looking at a record-setting advertising revenue for the Exosphere alone.
According to Dolan, the calendar is full for the rest of the year as ticket demands for Phish and Dead Forever have already surpassed their expectations.