Sphere Entertainment Co., the operators of The Sphere in Las Vegas, have disclosed the financial results for the first fiscal quarter of 2023. The company experienced a decrease in revenue, falling to $118.0 million, a decline of $5.1 million compared to the same quarter in the previous year.

Having officially separated from MSG in May, the company also revealed an operating loss of $69.8 million, marking an increase of $18.7 million. The adjusted operating loss amounted to $57.9 million, reflecting a rise of $27.1 million, both in comparison to the prior-year quarter.

It is noteworthy that The Sphere in Las Vegas, the company’s flagship venue, opened its doors to the public for the first time in September. The inaugural concerts featured a residency by the Irish rock legends U2, and Sphere Entertainment reported that the residency is completely sold out.

In a surprising development, Gautam Ranji, the Chief Financial Officer and Executive Vice President of Sphere Entertainment, abruptly resigned from his position. According to a Securities & Exchange Commission filing, Ranji’s resignation was effective as of November 3rd and was not prompted by any disagreements with the company’s independent auditors or management on matters of accounting principles, practices, financial statement disclosure, or internal controls.

Executive Chair James L. Dolan commented, “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. We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders.”

Looking ahead, The Sphere is set to host a multi-day takeover as part of Formula 1’s Las Vegas Grand Prix, debuting next week, among other upcoming events.