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Sphere, located at the Venetian Resort in Las Vegas, is a $2 billion orb for hosting concerts, sporting events and other entertainment. It opened over the weekend with a U2 concert and videos quickly spread on social media as users marveled at the futuristic design and unique concert-viewing experience.
Sphere Entertainment Co (NYSE:SPHR), which also includes MSG Networks, operates Sphere. Sphere Entertainment is also part of the Madison Square Garden Entertainment Corp (NYSE:MSG) empire, which is run by CEO James Dolan.
Sphere stock is up 12.04% at $41.64 on Monday, while Madison Square Garden Sports is down slightly at 0.60% at $175.23.
Read Also: What's Going On With Sphere Entertainment Stock After U2 Debut Concert?
Dolan reportedly conceived the idea for the Sphere with a crude sketch of the futuristic orb with a stick figure inside. Now, the Sphere is a reality and the most expensive construction project ever in Las Vegas, passing Allegiant Stadium where the Las Vegas Raiders play.
Another way for investors to invest in Sphere is through VICI Properties Inc (NYSE:INC), a real estate investment trust (REIT) that owns a number of properties and casinos in Las Vegas. VICI completed an acquisition of the Venetian that included the land underneath Sphere while the venue was still under construction in 2022.
Despite Sphere’s hype and successful debut, VICI’s stock traded lower on Monday. The stock is down nearly 10% YTD and could be worth a look at from value investors with a potentially attractive P/E ratio of less than 13 and dividend of more than 5% according to Benzinga Pro.
What’s Next For Sphere? Sphere Entertainment invests in various technologies to provide visitors with a state-of-the-art, high-tech experience. The company recently announced Aura, Sphere’s very own robot. There are plans to open another Sphere in London, but it is still stuck in the planning stage.
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Photo: Shutterstock
