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Las Vegas Sphere CFO quits after projected $98.4 million loss

It's at least the third high-profile exit by an executive for one of the most highly marketed new attractions in the city of entertainment and games.
Las Vegas Sphere CFO quits after projected $98.4 million loss
Posted at 9:01 PM, Nov 09, 2023

The Chief Financial Officer of the Gautam Ranji Sphere in Las Vegas has resigned as the company reported an operating loss of $98.4 million for the quarter that finished on Sept. 30. According to Casino.org, Ranji is at least the third executive to depart the project since the Sphere's inception. 

Ranji served in the role for 11 months on the project for the entertainment venue situated just behind the Venetian, which opened for business on Sept. 29 when the Irish band U2 performed for a stunned audience before state-of-the-art visuals during a monthslong residency. 

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The $2.3 billion venue located near the Las Vegas strip "represented a significant milestone, generating worldwide attention and marking the beginning of a new chapter for our company," according to CEO James Dolan.

The New York Post reported on a significant row between the two executives recently which came before Ranji's abrupt departure. While the exchange was described as part of an exit that was "calmly" executed, one source in the report claimed there was "yelling and screaming" during at least one moment. 

Reporting said it came during a meeting of senior level executives to go over quarterly earnings. That is when the millions in losses were presented, which were blamed on "higher depreciation and amortization, direct operating expenses, and selling, general and administrative costs."

Dolan's realm of control includes venues and entertainment staples such as Madison Square Garden, Radio City Music Hall, the New York Knicks and Rangers, MSG Sports and AMC Networks. 

Casino.org reported that most of the organizations in the industry have seen high-profile departures recently. 

Dolan said the Sphere was still "building positive momentum," and that he remained "confident that" the project is still "well positioned to drive long-term value for shareholders."

First-quarter revenue numbers for the Sphere came in at $4.1 million for events and $2.6 million from suite licensing and advertising that displays on the Sphere's exterior presentation displays. 


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