The Sphere Entertainment Co. (NYSE:SPHR) is grappling with a hefty $98.4 million operating loss from its Las Vegas Sphere venue. Further darkening the company’s outlook, CFO Gautam Ranji has stepped down from his position.
What Happened: As reported by USA Today, the Las Vegas Sphere, operated by Sphere Entertainment, has disclosed a staggering $98.4 million loss for the quarter ending Sep. 30. The announcement was made during an earnings call held on Wednesday, Nov. 8, 2023.
The company has also been shaken by the resignation of its CFO Ranji, as detailed in a Securities and Exchange Commission filing. Sphere Entertainment clarified that Ranji’s departure was not due to any professional disagreement or discord over accounting principles, financial statement disclosures, or internal controls.
As per the New York Post, Ranji’s abrupt exit followed a heated argument with Sphere’s CEO, James Dolan. Following an 11-month tenure, Ranji will be ...