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NEW YORK, N.Y., August 22, 2023 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2023.
During the quarter, the Company completed a number of significant strategic transactions. This included the spin-off of approximately two-thirds of its traditional live entertainment business on April 20, 2023. In addition, on May 3, 2023, the Company completed the sale of its 66.9% majority interest in Tao Group Hospitality. As a result of these transactions, the traditional live entertainment business’ and Tao Group Hospitality’s results are reported as discontinued operations for all periods presented. In addition, results from continuing operations through April 20, 2023 include certain corporate overhead expenses which the Company did not incur after the spin-off date and does not expect to incur in future periods, but did not meet the criteria for inclusion in discontinued operations.
For fiscal 2023, the Company reported revenues of $573.8 million, a decrease of $36.2 million as compared to the prior year. In addition, the Company had an operating loss of $273.0 million, an increase of $107.3 million, and an adjusted operating loss of $122.5 million, an increase of $98.1 million, both as compared to the prior year.(1)
For the fiscal 2023 fourth quarter, the Company reported revenues of $129.1 million, a decrease of $10.7 million as compared to the prior year quarter. In addition, the Company reported an operating loss of $70.3 million, an increase of $8.5 million, and an adjusted operating loss of $59.8 million, an increase of $24.4 million, both as compared to the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “Our Company completed a number of transactions this past year, including the live entertainment spin-off, that have supported our growth plans. As we look ahead to our next chapter with the opening of Sphere in Las Vegas, we are confident that our Company is well-positioned to generate long-term value for shareholders.”