By Will Feuer
Shares of Sphere Entertainment popped after the new entertainment arena in Las Vegas hosted its debut concert over the weekend.
The stock rose over 11% to $41.32 in premarket trading. So far this year, shares were already up about 79% through Friday’s close.
Sphere Entertainment’s holdings span the newly opened arena in Las Vegas, as well as regional sports network MSG Networks. Earlier this year, the company spun off its legacy live-entertainment assets, including New York’s Madison Square Garden and Radio City Music Hall.
Sphere, the Las Vegas entertainment complex, is a $2.3 billion bet by Chairman James Dolan, who has heralded the arena as a new kind of immersive, technology-enabled concert hall. U2 marked the venue’s first live performance on Friday.
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