Sphere Entertainment’s Executive Vice President, Chief Financial Officer (CFO), and Treasurer, David F. Byrnes, is leaving the company. Byrnes is the latest high-profile departure from the new Las Vegas landmark, which has been as costly as it is visually impressive.
Sphere announced it would start looking for a replacement soon. However, Byrnes will remain in his role in the meantime to ensure a smooth transition.
Byrnes has been serving as Sphere’s CFO since December 2023. Before that, he served as Executive Vice President and Chief Financial Officer at Madison Square Garden Entertainment—the company initially behind the Sphere project—from January 2022 to December 2023. During his tenure, he was instrumental in several key strategic transactions, including the spin-off of MSG Entertainment in April 2023, the sale of Sphere Entertainment’s majority stake in Tao Group Hospitality in May 2023, and two stock offerings in June and September 2023.
Sphere Entertainment consists of the Sphere venue in Las Vegas and MSG Networks, regional sports entertainment networks. The 18,600-seat high-tech venue opened at the end of September 2023 after many construction setbacks and delays, which raised its cost to $2.3 billion, nearly double the initial $1.2 billion forecast. Those cost overruns displeased investors and are the likely reason the company has lost so many high-ranking executives in a short span of time.
Sphere Will Be on Its Third CFO in Two Years
Byrnes is the second person to vacate the CFO position in less than a year. Last November, Gautam Ranji left the role, with his tenure also having lasted less than a year. His departure came just before Sphere Entertainment’s first quarterly earnings since the venue’s opening. In that period, the company recorded $98.4 million in losses, primarily from the Sphere property.
At the time, the New York Post reported that Ranji resigned following an angry bout of “yelling and screaming” from the company’s CEO, James Dolan. Although that report was unconfirmed, others have said Dolan is known for his short temper. In early 2023, while the Sphere faced construction delays, he fired two high-ranking executives: MSG Sphere President Lucas Watson and Senior Manager of Business Operations Jenna Wolfenson. At that point, Dolan decided to oversee the project personally to ensure that there would be no further delays or budget increases.
The reasons for Byrnes’ departure are unknown. However, the company’s financial struggles have continued. Its 2024 annual report, ending June 30, 2024, showed the Las Vegas venue posting $480 million in losses. The total Sphere Entertainment loss was $341 million. The next quarterly earnings are scheduled to be released on November 6.
Despite Losses, Past Events Have Seen Success
Despite the negative news regarding its financials, events at the Las Vegas Sphere have appeared outwardly successful. The venue’s first concert residency, U2, extended its 25 original shows to 40. The series of shows produced $244.5 million in revenue, the third-highest ever for a Las Vegas residency. On a per-show basis, that works out to $6.1 million per night, nearly ten times more than the next most successful, by Céline Dion.
The final fifteen of U2’s shows came after New Year and will be reported as 2024 revenue. In addition, this year, the Sphere hosted two other highly successful residencies: Dead & Company and Phish. The former played 30 shows, bringing in over $131 million in revenue and an average attendance of 15,898. Phish had only four shows but similar attendance, generating around $13.4 million in revenue with roughly 16,400 spectators at each show.
The UFC also ventured into uncharted territory by electing to host its second Mexican Independence Day event at the Sphere. According to the organization, with its $22 million gate, the sold-out UFC 306 was the highest-grossing event in history for both the UFC and the Sphere.
The Sphere has also hosted the 2024 NHL draft and Formula 1 events. Individual events have been highly successful for the Sphere, so the challenge has seemingly been finding enough to offset the high operating and maintenance costs of the world’s highest-resolution LED screen and 1,886-speaker sound system.
Next Up at the Sphere: the Eagles
Following the U2, Dead & Company, and Phish success, the Sphere is welcoming its newest residency: the Eagles. Originally, the band expected to play 20 shows between September 2024 and January 2025. Due to demand, the Sphere added four more shows in February 2025. Most shows are sold out, and the cheapest available tickets start at $396.
Other upcoming shows include a U2 movie, and Afterlife presents Anyma, ‘The End of Genesys,’ an eight-show series that “powerfully combines music, art, and technology.”
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