Sphere Entertainment Co. reported a 60% revenue growth in Q4 2025, driven by the success of ‘The Wizard of Oz’. The company is shifting to a global network model, with a focus on a ‘capital-light’ expansion strategy. Cost-saving initiatives were implemented despite executive transition costs. A new 6,000-seat venue in National Harbor, Maryland is in the works.

The company anticipates opening the National Harbor venue within 4 years, supported by $200 million in incentives. ‘The Wizard of Oz 2.0’ with enhanced effects is set for release. The organization is structured to handle multiple expansion projects simultaneously. MSG Networks saw a decrease in subscribers, impacting revenue. The National Harbor project is estimated to cost around $1 billion.

CEO Jim Dolan stated the team can handle 5 or 6 projects at once. Each project will be separately financed to prevent overextending the core balance sheet. Management is not concerned about competition between Las Vegas and Maryland venues. They are expanding into interactive experiences and pursuing partnerships with blue-chip brands for sponsorship revenue.

Read more at Yahoo Finance: Sphere Entertainment Co. Q4 2025 Earnings Call Summary