Madison Square Garden's Sphere Entertainment SPHR opened its latest attraction on the Las Vegas Strip — the Sphere — with a bang on Sept. 29. The new venue was broken-in by rock band U2, which began a 36-show run on Sept. 29.
"Sphere's opening in Las Vegas in September represented a significant milestone, generating worldwide attention and marking the beginning of a new chapter for our Company," CEO James Dolan said in a statement. "We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders."
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Reporting earnings for its first fiscal quarter of 2024, the company said that the Sphere reported revenue of $7.8 million; the company additionally reported direct operating expenses of $7.8 million for the quarter, which included venue operating costs and event-related expenses.
In total, the Sphere reported a first quarter operating loss of $98.4 million, nearly a $20 million increase from the year-ago period.
But in between the Sphere's splashy opening and the release of its first quarter earnings report, the CFO for the company — Gautam Ranji — left his position last week after a one-sided shouting match with Dolan, according to the New York Post.
Ranji, who had served in his role for less than a year, left effective Nov. 3, according to an SEC filing.
"His departure from the Company is not a result of any disagreement with the Company’s independent auditors or any member of management on any matter of accounting principles or practices, financial statement disclosure or internal controls," the company said in the filing.
According to the Post, Dolan was "yelling and screaming" at Ranji during a meeting, at which point Ranji "calmly" left and gave put in notice of his resignation.
Sphere Entertainment maintained in a statement that Ranji's departure was not the result of a disagreement with "any member of management."
Sphere's stock jumped more than 6% Thursday. Shares in the company are still down around 25% for the year.
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