Sphere Entertainment's 'Wizard of Oz' Immersive Experience Boosts Revenue and Profit in 2025

The company's Las Vegas venue saw over 2.2 million tickets sold for the remastered classic film experience.

Published on Feb. 14, 2026

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Sphere Entertainment Co. reported strong financial results for 2025, with the company's immersive "Wizard of Oz" experience at its Las Vegas venue contributing significantly to an 8% increase in gross revenue to $1.2 billion and a reversal of the previous year's loss to generate a $33.4 million profit. The company also announced plans for a second U.S. Sphere location in National Harbor, Maryland, expected to open by 2030.

Why it matters

Sphere's success with the "Wizard of Oz" experience highlights the growing demand for innovative, technology-driven entertainment offerings that can draw large audiences. The company's plans for expansion, including the new Maryland location, demonstrate its ambitions to establish a global network of Sphere venues and cement its position as a leader in the immersive entertainment space.

The details

Sphere's "Wizard of Oz" experience, which debuted in August 2025, sold over 2.2 million tickets and generated $290 million in revenue. This, combined with residencies by acts like Dead & Company, Eagles, Anyma, Kenny Chesney, and Backstreet Boys, helped boost the company's overall gross revenue. The company also reported a 138% increase in adjusted operating income to $261.8 million compared to 2024.

  • Sphere's "Wizard of Oz" experience debuted on August 28, 2025.
  • Sphere Entertainment reported its 2025 earnings in early 2026.

The players

Sphere Entertainment Co.

A company that operates entertainment venues, including the Sphere in Las Vegas, and is expanding with a second U.S. location planned for National Harbor, Maryland.

James Dolan

The CEO of Sphere Entertainment Co., who discussed the company's 2025 earnings and global expansion plans.

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What they’re saying

“Our success in Las Vegas is an important blueprint for our global vision.”

— James Dolan, CEO (Billboard)

What’s next

Sphere Entertainment plans to open a second U.S. Sphere location in National Harbor, Maryland, by 2030. The company is also working with development partners in Abu Dhabi to finalize a location for a large Sphere venue there.

The takeaway

Sphere Entertainment's innovative and technology-driven entertainment offerings, such as the immersive "Wizard of Oz" experience, have proven to be a successful formula, driving the company's revenue and profit growth. The company's expansion plans demonstrate its ambition to establish a global network of Sphere venues and cement its position as a leader in the immersive entertainment industry.