New event dates revealed as Sphere officials say overall cost pushed to $2.3 billion

LAS VEGAS (KTNV) — The cost of the MSG Sphere has now risen to approximately $2.3 billion, according to the Sphere Entertainment Company.

The company announced its third quarter results on Wednesday.

The Sphere Entertainment Company is a new spin-off company from Madison Square Garden Entertainment and manages the MSG Sphere, MSG Networks, and Tao Group Hospitality.

However, the company said it sold its 66.9% majority interest in Tao Group Hospitality on May 3.

Sphere officials said the company reported revenues of $363.3 million, which is up $10.8 million compared to the prior year quarter. The company also reported an operating loss of $70.3 million, a decrease of $71.1 million, and adjusted operating income of $19.4 million.

However, James L. Dolan, company executive chairman and CEO, said they are positive things will turn around.

"With the completion of the spin-off of our traditional live entertainment business and the sale of our interest in Tao Group Hospitality, our company has enhanced flexibility to execute its business strategy," Dolan said. "As we approached the opening of the Sphere in Las Vegas, we remain confident that this next chapter for our Company will drive long-term shareholder value."

Officials said crews completed installing LEDs on the Exosphere earlier this quarter and are working on interior LED displays.

Crews are also continuing to build out interior spaces including suite and hospitality areas.

The company said they've also adjusted their construction cost estimate to approximately $2.3 billion, which is up from the prior estimate of $2.175 billion. They said this "reflects the overall complexity of the project."

Right now, Sphere officials said U2 will open the venue on September 29 with the start of their five-week, 17-show run.

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U2's Bono and The Edge recently went on a tour with Zane Lowe from Apple Music and said they're looking forward to taking the stage.

"It's a lot more intimate than a basketball arena," The Edge said. "I can't wait to get up on stage here."

"I'm surprised I am not feeling anxious," Bono said. "Normally, when I walk into a venue, I can feel that anxiety but I haven't had it here. I'm excited."

The company said the immersive experience Postcard From Earth is also set to debut to the public on Oct. 6.

It will run multiple times a day. Tickets are on sale now and start around $50.

According to Sphere officials, Formula 1 will also have a "multi-day takeover of the Sphere" for its inaugural Las Vegas Grand Prix.

However, no further details were released on what those plans are.