The band’s christening of the showstopping $2.3 billion space on Friday (Sept. 29) got investors’ attention.
Bono, The Edge, Adam Clayton and Bram van den Berg of U2 perform during opening night of U2:UV Achtung Baby Live at Sphere on Sept. 29, 2023 in Las Vegas.Sphere Entertainment Co. shares rose 11.1% to $41.99 on Monday — and reached a high of $43.59, up 17.3% from Friday’s closing price — after the world got its first glimpses of the revolutionary concert venue over the weekend.
Sphere Entertainment Co., formerly Madison Square Garden Entertainment , was formed on April 20 when MSGE’s traditional live entertainment business, which includes the Madison Square Garden and Radio City Music Hall venues in New York, split off from the Sphere and MSG Networks businesses. Sphere retained a 33% stake in MSGE.
While U2 ultimately got top billing, Sphere proved the venue is a major attraction unto itself. First-hand accounts raved about both U2’s performance and the venue across social media, online news and broadcast television. Sphere CEO— aka the Exosphere — on July 4 and began broadcasting jaw-dropping graphics, Sphere Entertainment Co.’s share price has climbed 49.4%.
Sphere will get more high-value promotion this month when Las Vegas hosts a Formula 1 race for the first time since 1982. City streets, including a stretch of Las Vegas Blvd. — i.e. the famous Las Vegas strip —will be converted into a race track and closed to traffic. The race course passes directly by Sphere, meaning millions of Americans — and more viewers worldwide — will see the venue as the drivers complete 50 laps of the 3.9-mile course. And because the race starts at 10:00 p.m.
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