Sphere Entertainment Co. reported second-quarter 2025 revenues of $175.6 million, a 16% year-over-year increase driven primarily by strong event income in Las Vegas.
The $27.6-million boost was fueled by nine additional concerts, expanded corporate bookings, and the venue’s first country music residency, which leveraged Sphere’s cutting-edge immersive technology.
Key Takeaways
- Sphere Entertainment reported $175.6 million in revenue for Q2 2025.
- The company posted an operating loss of more than $80 million.
- There remain plans to expand to the Middle East.
Despite the revenue growth, the company’s Sphere segment still posted an operating loss of $83.4 million for the quarter. However, this is a 20% improvement compared to the $104.5-million loss in the same period last year. On an adjusted basis, the company achieved $24.9 million in operating income, which is a notable turnaround from a $5.5-million loss in 2024.
Since opening in October 2023, the Las Vegas flagship venue has hosted over 4 million attendees for the film “Postcard from Earth” and featured high-profile acts such as U2, Phish, Dead & Company, and The Eagles. Kenny Chesney’s residency introduced tailored video content for the venue’s massive curved screen, further showcasing the Sphere’s advanced technology.
Looking ahead, Sphere is pushing forward with international expansion, confirming its plans to build its first overseas venue in Abu Dhabi.
Sphere breaks venue record with $420.5M in 2024 concert gross
Sphere Entertainment’s Las Vegas venue shattered records in 2024, generating more than $240.5 million in concert gross. This is the highest annual total reported by Billboard Boxscore in its 50-year history.
The venue sold 1.3 million tickets across the year, becoming the first facility to surpass $300 million in year-end concert revenue. Still, Sphere’s financial reporting shows challenges, as Q3 2024 showed that the company earned $127.1 million but had an operating loss of $125.1 million.
It’s worth noting that the venue also staged UFC 306, and its $22-million gate was excluded from Billboard’s tally, which only accounts for music performances.
Las Vegas tourism dips as visitors seek budget-friendly hotspots
Las Vegas is currently experiencing a tourism slowdown, with visitor volume down 11.3% in June 2025, according to the Las Vegas Convention and Visitors Authority. However, experts say the sky is not falling. Over 3 million tourists visited in June, significantly more than in cities like Rome or Paris.
Data shows that tourists and locals are increasingly seeking value. While gaming on the Strip grew by just 0.9%, Downtown Las Vegas and Boulder Highway jumped by 10.5% and 19.3%, respectively, per the Nevada Gaming Control Board. Both areas are known for budget-friendly perks like free parking and lower resort fees.
