Financial RiskEvery core component of the Sphere platform, content, advertising, and live performance, relies on the Las Vegas ecosystem, and expanding beyond it increases financial risk.
Market MisunderstandingManagement's strategy to expand through mini-Spheres fundamentally misreads the uniqueness of the Vegas market.
Revenue DeclineSphere Experience revenue declined 14% YoY, while advertising and sponsorship fell 16%, highlighting deteriorating fundamentals.