The Sphere entertainment venue in Las Vegas recently reported a third-quarter loss of $98.4 million, but the venue’s parent company, Sphere Entertainment Co., also lost its Chief Financial Officer Gautam Ranji.
According to a filing to the Securities and Exchange Commission, the company said that the CFO’s decision to resign was “not a result of any disagreement with the company’s independent auditors or any member of management on any matter of accounting principles or practices, financial statement disclosure or internal controls.”
However, the New York Post reported that Ranji’s resignation came after an especially contentious argument with James Dolan, CEO of Sphere Entertainment and the owner of several high-profile venues around the U.S., including Madison Square Garden in New York City.
All told, Ranji’s tenure lasted less than a year, and Sphere Entertainment’s Senior Vice President Greg Brunner will fill in on an interim basis until a replacement is hired, the company said.
Despite the early losses as well as the massive $2.3 billion price tag, many expect the venue to be a top performer in future years, thanks to concerts and other entertainment events as well as advertising on the screens that cover the outside of the building.
The recent third-quarter numbers included $4.1 million in event revenue from the first two U2 concerts, and $2.6 million in advertising revenue.
“We are building positive momentum across Sphere and remain confident that we are well positioned to drive long-term value for shareholders,” Dolan said in a statement.
