MGM’s Las Vegas Sphere is by far the hottest new venue in the country, but after a reported operating loss of nearly $100 million, the chief financial officer has called it quits.
According to a company filing, Chief Financial Officer Gautam Ranji resigned after the venue reported a loss of $98.4 million for the quarter that finished on September 30. He is at least the third executive who has departed the company this year, following MSG Sphere president Lucas Watson in February. Ranji was in the role for 11 months.
The New York Post reported that while the exit was “calmly” executed, one source said there was “yelling and screaming” from CEO James Dolan. While the filing said Ranji’s exit was “not a result of any disagreement with the company’s independent auditors or any member of management on any matter of accounting or practices, financial statement disclosure or internal controls,” a source told the Post his departure was abrupt, and his notice was delivered in the middle of a meeting with senior executives.
The $2.3 billion venue debuted this past September with performances from the rockers of U2, showcasing its wraparound interior LED screen with 170,000 ultra-directional speakers. The band went on to perform several shows as a part of a residency – that has since been extended – and fans described the concert as an immersive experience with floor-to-ceiling screens, moving visuals, and mind-bending graphics.
Dolan reportedly shelled-out more than $1 billion over budget to build The Sphere. In addition, he owns the Knicks, Rangers, Madison Square Garden, Radio City Music ‘hall, and more.
In other Sphere news, UFC officially booked the venue for a fight in September 2024, marking the first sporting event for the property. UFC President Dana White is reportedly already working on creative for the show, promising “the greatest live combat sports show anybody has ever seen.”
