Latest news with #SphereAbuDhabi
The National
18 hours ago
- Business
- The National
Sphere Abu Dhabi on a roll towards construction
The preconstruction phase of Sphere Abu Dhabi, the highly anticipated spherical entertainment venue, is nearing completion, the chief executive of Sphere Entertainment said on Monday. Abu Dhabi was announced as the second location of the Las Vegas attraction in October. The 20,000-capacity entertainment venue, which opened in 2023, is famed for its 16K resolution wraparound screens and is considered to be the world's biggest spherical structure. "With regards to our expansion plans, we recently entered into agreements related to the construction, development and operation of Sphere Abu Dhabi and are now finalising the preconstruction phase with Abu Dhabi's Department of Culture and Tourism," James Dolan, Sphere Entertainment's executive chairman and chief executive told investors during an earnings call. Sphere Entertainment reported about a four per cent jump in its second-quarter revenue to $282.7 million, with Dolan attributing part of that growth to the announcement of Sphere Abu Dhabi. Discussions are ongoing with a number of other international markets regarding large-scale Spheres, he added. Dolan also said his company has completed the design and business model for small-scale Spheres, which could be built faster and at lower cost, and that they were already having discussions with potential partners. Plans for mini Spheres, which would seat about 5,000 attendees, but have the ability to screen the same content as the large-scale versions, were first revealed in March. "These Spheres will be much less expensive than Las Vegas was. They can get built faster. My hope would be in that we could build a small Sphere in a little over two years," Dolan said. According to a Securities and Exchange Commission filing last month by Sphere Entertainment, the deal with Abu Dhabi's Department of Culture and Tourism includes a 10-year franchise granting exclusive rights to develop Sphere venues across the Middle East and North Africa, in addition to Sphere Abu Dhabi. Sphere sits just off Vegas's famed Strip, near the Venetian resort. It reportedly cost $2.3 billion to build, making it the city's most expensive venue, and has hosted several immersive concerts by the likes of U2, the Eagles, Backstreet Boys, as well as a residency by country singer Kenny Chesney. The location of Sphere Abu Dhabi has not yet been confirmed. Sphere also screens its own original content, including Postcards from Earth, a film by acclaimed director Darren Aronofsky. The 4D film, which tells the story of Earth, utilises the venue's haptic seats, environmental effects and custom scents. It has been widely praised by critics. The Wizard of Oz at Sphere, an enhanced version of the 1939 film, is set to debut on August 28. While an opening date or location for Sphere Abu Dhabi is yet to be revealed, Mohamed Khalifa Al Mubarak, the chairman of DCT Abu Dhabi, said during the announcement that the attraction will 'seamlessly integrate advanced technology with captivating storytelling, creating unforgettable memories for everyone who visits'. 'By embracing cutting-edge entertainment like Sphere, we're not only elevating our global profile, but also setting new standards in immersive experiences and cultural offerings,' he added. In the call with investors on Monday, Sphere Entertainment's chief executive Dolan reiterated the brand's global ambitions. "As we said from the start, our goal was to design and operate a venue that's busy 365 days a year with multiple events on most days. And while we started in Las Vegas, our strategy has always included a global network of Sphere venues," he said. "This year, our priorities have been to continue enhancing our operating model in Las Vegas, drive long term profitability for the business, and advance our plans to bring Sphere to Abu Dhabi and additional markets around the world."
The National
2 days ago
- Business
- The National
Sphere Abu Dhabi enters final stage of preconstruction
The preconstruction phase of Sphere Abu Dhabi, the highly anticipated spherical entertainment venue, is nearing completion, the chief executive of Sphere Entertainment said on Monday. Abu Dhabi was announced as the second location of the Las Vegas attraction in October. The 20,000-capacity entertainment venue, which opened in 2023, is famed for its 16K resolution wraparound screens and is considered to be the world's biggest spherical structure. "With regards to our expansion plans, we recently entered into agreements related to the construction, development and operation of Sphere Abu Dhabi and are now finalising the preconstruction phase with Abu Dhabi's Department of Culture and Tourism," James L Dolan, Sphere Entertainment's executive chairman and chief executive told investors during an earnings call. Sphere Entertainment reported about a four per cent jump in its second-quarter revenue to $282.7 million, with Dolan attributing part of that growth to the announcement of Sphere Abu Dhabi. Discussions are ongoing with a number of other international markets regarding large-scale Spheres, he added. Dolan also said his company has completed the design and business model for small-scale Spheres, which could be built faster and at lower cost, and that they were already having discussions with potential partners. Plans for mini Spheres, which would seat about 5,000 attendees, but have the ability to screen the same content as the large-scale versions, were first revealed in March. "These Spheres will be much less expensive than Las Vegas was. They can get built faster. My hope would be in that we could build a small Sphere in a little over two years," Dolan said. According to a Securities and Exchange Commission filing last month by Sphere Entertainment, the deal with Abu Dhabi's Department of Culture and Tourism includes a 10-year franchise granting exclusive rights to develop Sphere venues across the Middle East and North Africa, in addition to Sphere Abu Dhabi. Sphere sits just off Vegas's famed Strip, near the Venetian resort. It reportedly cost $2.3 billion to build, making it the city's most expensive venue, and has hosted several immersive concerts by the likes of U2, the Eagles, Backstreet Boys, as well as a residency by country singer Kenny Chesney. The location of Sphere Abu Dhabi has not yet been confirmed. Sphere also screens its own original content, including Postcards from Earth, a film by acclaimed director Darren Aronofsky. The 4D film, which tells the story of Earth, utilises the venue's haptic seats, environmental effects and custom scents. It has been widely praised by critics. The Wizard of Oz at Sphere, an enhanced version of the 1939 film, is set to debut on August 28. While an opening date or location for Sphere Abu Dhabi is yet to be revealed, Mohamed Khalifa Al Mubarak, the chairman of DCT Abu Dhabi, said during the announcement that the attraction will 'seamlessly integrate advanced technology with captivating storytelling, creating unforgettable memories for everyone who visits'. 'By embracing cutting-edge entertainment like Sphere, we're not only elevating our global profile, but also setting new standards in immersive experiences and cultural offerings,' he added. In the call with investors on Monday, Sphere Entertainment's chief executive Dolan reiterated the brand's global ambitions. "As we said from the start, our goal was to design and operate a venue that's busy 365 days a year with multiple events on most days. And while we started in Las Vegas, our strategy has always included a global network of Sphere venues," he said. "This year, our priorities have been to continue enhancing our operating model in Las Vegas, drive long term profitability for the business, and advance our plans to bring Sphere to Abu Dhabi and additional markets around the world."
