Investors are focused on several developments after the opening of the arena impressed fans and lifted the stock. Will the Eagles or Phish play the Sphere?
Sphere Entertainment stock popped 11% Monday after the company’s Las Vegas venue wowed the crowd Friday night at the inaugural event—the first of 25 concerts by U2.The investor enthusiasm reflects growing optimism that Sphere CEO Jim Dolan’s idea for a distinctive concert arena with a state-of-the-art sound system and a massive display screen can become a financial success.
An announcement is expected soon on the next acts to play the 17,600-seat Sphere. U2 so far is the only announced group. There is speculation the next ones could be the Eagles or Phish. When the company reports its September-quarter results in November, Wall Street will be focused on any financial guidance and progress on the development or licensing of other Spheres around the world including London, where the company already owns a parcel of land for development.
Sphere Entertainment has not given specific financial guidance for the arena or the entire company, stating in its fiscal 2023 10-K that it anticipates the venue will generate “substantial revenue and adjusted operating income” annually. Investors would like to hear specifics.
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