Spin-off of Traditional Live Entertainment Business Completed in April
Sale of Majority Interest in Tao Group Hospitality Completed Earlier this Month
Sphere in Las Vegas on Track to Open in September 2023
NEW YORK, N.Y., May 10, 2023 – Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal third quarter ended March 31, 2023.
On April 20, 2023, the Company completed the spin-off of its traditional live entertainment business. As a result of the timing of the spin-off, the Company’s fiscal 2023 third quarter consolidated results include the financial results of the traditional live entertainment business.
In addition, on May 3, 2023, the Company completed the sale of its 66.9% majority interest in Tao Group Hospitality. As a result, Tao Group Hospitality’s results are reported as discontinued operations for all periods presented.
For the fiscal 2023 third quarter, the Company reported revenues of $363.3 million, an increase of $10.8 million, or 3%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $70.3 million, a decrease of $71.1 million, and adjusted operating income of $19.4 million, a decrease of $19.0 million, both as compared to the prior year period.(1)
Executive Chairman and CEO James L. Dolan said, “With the completion of the spin-off of our traditional live entertainment business and the sale of our interest in Tao Group Hospitality, our Company has enhanced flexibility to execute its business strategy. As we approach the opening of Sphere in Las Vegas, we remain confident that this next chapter for our Company will drive long-term shareholder value.”