Sphere Vegas suffering "brutal" financial losses: can it survive?

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Sphere at Venetian released its financial results for the fiscal quarter ending June 30, 2024, and it’s ugly.
During the three month period (April to June, 2024), Sphere lost $104.5 million. For the fiscal year ending June 30, 2024, Sphere lost a jarring $480 million.
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For the fiscal 2024 fourth quarter, the Sphere reported revenues of $151.2 million, which sounds awesome without any context. The context comes a few paragraphs later in the Sphere’s news release: “Fiscal 2024 fourth quarter selling, general and administrative expenses of $102.1 million increased $11.8 million, or 13%, as compared to the prior year quarter, primarily due to higher employee compensation and related benefits and, to a lesser extent, higher professional fees.”
A giant red flag, “selling, general and administrative expenses of $102.1.” This reeks of poor management, and you don’t even have to read between the lines. It’s right out there in plain sight.
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