拉斯维加斯Sphere在2023年9月开业，历时5年建成，成本达23亿美元，几乎是最初预估的两倍；但到2025年第四季度，营收同比跃升62%，营业亏损从2024年同期的1.08亿美元收窄到700万美元，股价自去年夏天以来接近三倍。即使2025年拉斯维加斯游客减少，这一盈利轨迹仍显著改善，显示经营杠杆开始发挥作用。
经AI修复并配合4D效果的《绿野仙踪》自8月上映以来售出超过220万张门票，带来2.9亿美元收入，成为复苏核心驱动。最新季度排映245场，较上年同期其他节目的190场增加55场，约增长29%，说明更高频次与更强内容匹配直接推升了单位场馆产出。
扩张策略正从“重资产自建”转向“轻资本+小型化”：阿布扎比项目由当地文旅部门全额出资并向母公司支付特许费和版税，华盛顿特区附近National Harbor项目获得2亿美元公私资金支持。与此同时，拉斯维加斯场馆在2025年第四季度折旧与摊销吞噬了营收的30%，因此新场馆被设计为容量仅为其三分之一、成本目标低于其一半，以提升在较小市场复制的可行性并对冲邻避与监管风险。
The Las Vegas Sphere opened in September 2023 after a 5-year build and a $2.3bn cost that was nearly double the original estimate; by Q4 2025, however, revenue jumped 62% year on year, operating loss narrowed from $108m in Q4 2024 to $7m, and the stock price has nearly tripled since last summer. That shift is notable because it occurred during a weaker 2025 tourism year for Las Vegas, signaling improving operating leverage.
The AI-remastered, 4D-enhanced “Wizard of Oz” has sold more than 2.2m tickets and generated $290m since August, becoming the central demand engine. Programming also intensified to 245 screenings in the latest quarter versus 190 shows a year earlier, a rise of 55 screenings or about 29%, indicating that higher utilization plus stronger content fit materially raised venue productivity.
Expansion is now moving from pure balance-sheet buildouts to capital-light and smaller-format replication: the Abu Dhabi Sphere is fully funded by the local culture and tourism department, with franchise and royalty payments to the parent, while the National Harbor project has $200m in public-private backing. This pivot responds to heavy fixed-cost pressure, with depreciation and amortization consuming 30% of Las Vegas Sphere revenue in Q4 2025, so the next U.S. venue is planned at one-third the capacity and less than half the cost to improve viability outside megatourism hubs and reduce regulatory/neighborhood friction.
Source: The Sphere is taking its success in Las Vegas to the world
Subtitle: Who will want a hundred-metre-high orb?
Dateline: 2月 26, 2026 04:26 上午 | Las Vegas