LAS VEGAS — Upon its 2023 opening, the $2.3 billion venue made economic and cultural promises. Has it lived up to them?
Developed by Madison Square Garden Entertainment, the unique venue has over 18,000 seats and features a 16K resolution interior LED screen and fully immersive audio for an immersive experience. Because of the exorbitantly high construction costs, critics were doubtful at the time that the venue would be profitable.
However, according to financial reports for the fourth quarter and full year of 2025, Sphere Entertainment Co. reported revenue growth of $86 million, or 28%, for the period ending Dec. 31, 2025.
The report highlights strong attendance for The Wizard of Oz in August 2025, which sold more than two million tickets. Residencies by the Backstreet Boys and the Eagles have helped maintain a steady flow of filled seats, but critics are wondering if this is enough. Despite seeing growth, the Sphere still reported an operating loss of $229.6 million, due to expenses from productions like The Wizard of Oz.
But Sphere Entertainment Chairman and CEO James Dolan is confident that this venue is the future of large-scale entertainment.
“Looking ahead, we believe our Company is well positioned for long-term growth as we continue to execute on our global vision for Sphere,” he said.
