Sphere Entertainment’s CEO, James Dolan, just dropped an electrifying teaser. More than 120,000 tickets have been sold for these one-night-only special screenings of “The Wizard of Oz! The transformative experience harnesses cutting-edge technology to fully engage audiences. Either way it’s likely to supercharge and increase visitor traffic to the Sphere venue at the Venetian Resort in Las Vegas.
The Sphere’s classic film showings are clearly intended to increase Las Vegas tourist traffic to the venue. They want to increase the existing rate from around 7% to above 10%. Dolan expressed confidence in the project, stating, “We’re very proud of the product and we think it’s groundbreaking.” This unique presentation of “The Wizard of Oz” features design and production utilizing immersive technology at the forefront of innovation. It features 167,000 audio speakers and utilizes 4D elements such as haptic technology to enhance your experience on screen.
Projected 200K in Ticket Sales Before First Screening Even begins. Wolfe Research’s Peter Supino notes that “The Wizard of Oz” is the key tent pole for the Sphere. He contends that it’s under-appreciated but still a deeply impactful game-changer. He expects the share price to skyrocket to $65 in the next 12 months. That would still leave it at a potential 68% increase from its closing price on Monday.
According to the latest financial statements, Sphere’s reoccurring adjusted operating income has suddenly exploded. In fact, it is more than double what it was this time last year. After Monday’s announcement of the ticket sale, shares suddenly roared back, finishing more than 4.5% higher on Tuesday, regaining ground lost in a prior 4%-plus drop.
Dolan highlighted the broader impact of the immersive showings, asserting, “We think that it’s going to draw a lot of attention and that people who come to Vegas are going to want to go.” The Sphere venue made a striking debut with the U2:UV Achtung Baby Live concert on September 29, 2023, showcasing its capabilities to host high-profile events.
Based on the beloved children’s novel by L. Frank Baum, with classic performances by Judy Garland as Dorothy, Jack Haley as the Tin Man, Bert Lahr as the Cowardly Lion, Ray Bolger as the Scarecrow and Frank Morgan as the Doorman to the Emerald City, this spellbinding story will dazzle and charm audiences of all ages.