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- A second Sphere is coming to Abu Dhabi
A second Sphere is coming to Abu Dhabi
Abu Dhabi’s DCT will fund the construction and pay the Sphere a franchise fee.
Kieran Ryan
October 16, 2024
In partnership with
TODAY’S STORY
The Sphere is opening a sister venue in Abu Dhabi to capitalize on the momentum from its Vegas venue.
The Vegas Sphere cost $2.3Bn to construct and opened in Sept. 2023. In Aug. 2024, Sphere Entertainment reported year-end revenue of $1.3Bn and a $201MM net loss.
Sphere’s stock has risen 34% in the past 12 months and attracted high-profile investors, including NY Mets owner Steve Cohen, who owns a 5.5% stake in the company, and Citadel’s manager Ken Griffin, who has a 5.3% stake.
Abu Dhabi’s Department of Culture and Tourism will fund the construction and pay Sphere Entertainment a franchise initiation fee for the right to build the arena that will use Sphere’s proprietary designs, technology, and intellectual property.
The Sphere wants to build a global network of venues, and this franchise model could keep costs down as it expands.
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Kieran & Justin Ryan
