Las Vegas Sphere reports $98.4M loss; CFO quits • Hacker News Board

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#11

Post by schaefer » Thu, Nov 09, 2023, 4:01 PM UTC

I'm local, and curious.

If I go to the official website[1] to view all shows, they redirect me to the hellscape that is ticketmaster.

That is literally only friction it takes before I'm out. The scalpers are squatting your 2 billion dollar venue.

[1]: https://www.thespherevegas.com/shows

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#12

Post by meindnoch » Thu, Nov 09, 2023, 4:01 PM UTC

I knew it was a bubble :^)

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#13

Post by toomuchtodo » Thu, Nov 09, 2023, 4:01 PM UTC

aplummer wrote: post #10

t3rabytes wrote: post #3

I gotta be honest, I'm not sure what was expected? They spent $2b building this thing, it's brand new tech, it didn't host many shows last quarter (it was open for 1? full month of the quarter). I still think The Sphere is super damn cool and I can't wait to go to an event there.

Yeah if this was a stock, I’d be buying it today. The thing is great.

You'd want to wait to be part of recapitalization after a reorg is required. The deal is made on the buy, not buying someone else's bags.

EDIT: See gosub100's comment [1].

(not investing advice, educational purposes only)

[1] https://news.ycombinator.com/item?id=38206727

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#14

Post by extraduder_ire » Thu, Nov 09, 2023, 4:03 PM UTC

vidanay wrote: post #7

vondur wrote: post #5

I was looking at getting tickets for an event, and it looks like it sells out quite frequently. Hopefully they don't shut it down.

> Hopefully they don't shut it down. It will probably be disassembled and moved to Dubai. /s

I'm sure the Dubaites would prefer to build their own, but even larger.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#15

Post by klaussilveira » Thu, Nov 09, 2023, 4:03 PM UTC

Went to buy tickets, was redirected to Ticketmaster. There's the issue.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#16

Post by nightski » Thu, Nov 09, 2023, 4:03 PM UTC

schaefer wrote: post #11

I'm local, and curious. If I go to the official website[1] to view all shows, they redirect me to the hellscape that is ticketmaster. That is literally only friction it takes before I'm out. The scalpers are squatting your 2 billion dollar venue. [1]: https://www.thespherevegas.com/shows

From what I understand you can't scalp, they scan ID. There are many tik toks of people buying tickets from either 3rd parties online or just scalpers and they are rejected at check in.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#17

Post by Satam » Thu, Nov 09, 2023, 4:03 PM UTC

aplummer wrote: post #10

t3rabytes wrote: post #3

I gotta be honest, I'm not sure what was expected? They spent $2b building this thing, it's brand new tech, it didn't host many shows last quarter (it was open for 1? full month of the quarter). I still think The Sphere is super damn cool and I can't wait to go to an event there.

Yeah if this was a stock, I’d be buying it today. The thing is great.

Apparently it is a stock? https://www.google.com/finance/quote/SPHR:NYSE?sa=X&ved=2ahU...

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#18

Post by gosub100 » Thu, Nov 09, 2023, 4:04 PM UTC

The vegas strip is full of real estate stories where a major undertaking flops initially but gets turned around. The stratosphere was built, sold at a huge loss, and then flipped for an enormous profit (I'm sure there's way more to the story that others are aware of). I wouldn't be surprised if the Sphere ends up the same. I'm really excited to see it, it's very cool thinking about the potential for promoting visual art.

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#19

Post by hef19898 » Thu, Nov 09, 2023, 4:06 PM UTC

extraduder_ire wrote: post #14

vidanay wrote: post #7

Earlier quoted context omitted.

> Hopefully they don't shut it down. It will probably be disassembled and moved to Dubai. /s

I'm sure the Dubaites would prefer to build their own, but even larger.

And put next to the big wheel they never used?

Re: Las Vegas Sphere reports $98.4M loss; CFO quits

#20

Post by munk-a » Thu, Nov 09, 2023, 4:06 PM UTC

nightski wrote: post #16

schaefer wrote: post #11

I'm local, and curious. If I go to the official website[1] to view all shows, they redirect me to the hellscape that is ticketmaster. That is literally only friction it takes before I'm out. The scalpers are squatting your 2 billion dollar venue. [1]: https://www.thespherevegas.com/shows

From what I understand you can't scalp, they scan ID. There are many tik toks of people buying tickets from either 3rd parties online or just scalpers and they are rejected at check in.

Still, the involvement of ticketmaster will scare off a lot of potential customers - that company is more toxic than saying "Brought to you by Comcast and Bank of America".