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Las Vegas Sphere reports $98.4M loss; CFO quits

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

#21

Post by boringg »

gosub100 wrote: post #18

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…

Right -- shed the early obligations and flip it. Early investors lose money turn around investors make money.

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

#22

Post by boeingUH60 »

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.

Astana will happily take it.

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

#23

Post by LastTrain »

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.

It is, which is why they have to report the loss. SPHR - let us know how it goes!

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

#24

Post by bsenftner »

gosub100 wrote: post #18

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…

Something tells me there is a tax avoidance scheme whereby these investments are intentionally engineered failures that generate the financial manipulators shockingly high paybacks.

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

#25

Post by nightski »

munk-a wrote: post #20
nightski wrote: post #16

Earlier quoted context omitted.

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".

Taylor swift used ticketmaster and I'd say her eras tour was quite successful despite it. So I wouldn't blame that as the factor for the Sphere's success or failure even if I dislike the choice.

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

#26

Post by falcolas »

Meta: Someone please correct me. The outside of the Sphere is pretty damned awesome, with its interactive elements and novelty. I'd visit Vegas just to watch it, not that they'd make any money off me for that.

The inside looks like an IMAX theater combined with a few planetarium features (lazors?). And, well, I have a really nice IMAX theater only an hour away from me. Why would I pay a premium to see the one in Vegas?

EDIT: Thank you, everyone, for correcting me! Good to know.

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

#27

Post by austinkhale »

It seems the operating loss may have been expected for the quarter and the CFO's departure could be unrelated. Always difficult to tell in these scenarios but the Sphere officially opened on September 29th. I find it hard to believe they expected to be in the black within less than 45 days.

Source: https://nypost.com/2023/11/07/media/sphere-cfo-quit-after-ja...

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

#30

Post by nonethewiser »

toomuchtodo wrote: post #13
aplummer wrote: post #10

Earlier quoted context omitted.

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

Sure sounds like investing advice
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