LAS VEGAS (CelebrityAccess) — Sphere Entertainment, operators of The Sphere in Las Vegas, announced financial results for the company’s second fiscal quarter of 2025, reporting declines in both revenue and operating income.
For the three months ended March 31, 2025, the company’s Sphere segment generated $157.5 million in revenue, down 8% year-over-year from $170.4 million. The decline was attributed in part to a reduced number of Sphere Experience events—approximately 200 performances of Postcard from Earth and V-U2: An Immersive Concert Film this quarter, compared to 257 performances of Postcard from Earth in the same period last year.
Revenue from sponsorship, signage, Exosphere advertising, and suite license fees also declined by $15.8 million, largely due to the absence of Super Bowl-related activity in Las Vegas this year. This was partially offset by modest increases in sponsorship and suite license revenue. However, event-related revenues rose by $25.6 million, driven by 10 additional concerts held during the quarter. The company also reported $3.6 million in revenue related to its planned expansion into the United Arab Emirates.
Operating costs increased as well. Event-related expenses were up $7.2 million year-over-year due to the additional concerts and a multi-day corporate event. Venue operating costs rose $2.4 million, primarily due to higher employee compensation and benefits, though those increases were partially offset by a $3.5 million reduction in Sphere Experience costs.
Sphere Entertainment reported a total consolidated operating loss of $78.6 million, nearly double the $40.4 million loss recorded in Q2 2024. The company’s adjusted operating income fell by 42% to $36.0 million, down from $61.5 million in the prior year period. However, the Sphere segment alone reported positive adjusted operating income of $13.1 million, up 2% from $12.9 million.
“Our Sphere segment generated positive adjusted operating income in the first quarter as we make progress on our strategic priorities for the business. We remain confident in the opportunities ahead for Sphere and our ability to drive growth this calendar year,” stated Executive Chairman and CEO James L. Dolan.
