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Las Vegas isn’t just an oasis in the middle of the desert where people fly to get their gambling fix. Though casinos immediately come to mind when you hear of the Las Vegas strip, it’s not the only thing that makes the place truly unique. In fact, you don’t even need to gamble to have the time of your life in Vegas, with the rapidly growing number of Las Vegas entertainment options.
Therefore, in this piece, we’ll focus on two of the best Vegas entertainment stocks on the Strip and check in with TipRanks’ Comparison Tool to see which (SPHR or WYNN) offers more upside for 2024.
Sphere Entertainment (NYSE:SPHR)
The Sphere is a first-of-its-kind type of entertainment venue that’s only available in Las Vegas. The venue boasts the highest-resolution screen on Earth, with its 160,000-pixel by 160,000-pixel screen. You may have seen pictures of the venue from the outside, but it’s what’s on the inside, I believe, that makes the experience well worth the hefty price of admission. Though I’m impressed with the venue, I have to stay neutral until there’s more clarity regarding the long-term growth narrative.
The venue, which opened in late 2023, is currently showing U2, and tickets are not cheap. Unless you’re a massive fan of who’s performing or you get lucky on the slot machines, tickets in the Sphere may be unaffordable relative to the other entertainment options on the Vegas strip. Despite this, people aren’t shying away from packing into the 18,000-seat theatre. Indeed, part of the allure of the Sphere is the novelty.
That said, only time will tell how the venue holds up relative to rivals in the Vegas scene. Personally, I view the Sphere and its game-changing technologies as essentially reinventing the live event experience. Reportedly, the UFC (Ultimate Fighting Championship) has booked the venue for a future bout. It’s a big deal that could test what the futuristic venue is capable of.
It’s not just hosting events that make Sphere an intriguing play. The outside of the Sphere acts as a super-sized billboard capable of pulling in the big bucks. Reportedly, firms can rent out an ad on the outside of the Sphere in the ballpark of $450,000 per day.
For now, it seems a tad too early in the game to be loading up on the stock just because of how impressive it looks, outside or inside. The Sphere hopes to grow beyond Las Vegas. However, given how incredibly bright (and perhaps distracting) the venue’s exterior can be, I think it will be a challenge to grow into new markets following the recent mayoral blocking of Sphere’s bid to expand into the London market.