Josh Kosman
James Dolan plans to follow the yellow brick road to boost profits at the Las Vegas Sphere, The Post has learned.
The state-of-the-art concert venue, with its unparalleled visuals and haptic seating, is nearing a deal with Warner Bros. Discovery to adapt the 1939 classic “The Wizard of Oz” for a one-of-a-kind immersive experience, sources close to the situation said.
However, the process to convert the 102-minute film into an 80-minute digitally-enhanced sensory spectacle for The Sphere won’t come cheap.
Sources said the company plans to shell out $80 million to update the Oscar-winning film starring Judy Garland — which cost $2.7 million to make before its release in 1949, about $25 million when calculating for inflation.
A Sphere analyst said the $80 million production costs sound like a lot, but the idea made financial sense.
“They make more money on original content and not the concerts,” the source said
The Sphere is currently showing “Postcard from Earth,” a 55-minute film by director Darren Aronofsky. It is shown up to three times a day at the 20,000-seat arena, with the cheapest tickets selling for $114.
It is not clear how much the Sphere will charge for fans to watch the 85-year-old “Oz” on what will basically be a supersized Imax screen, even with the wicked witch flying across its LED-covered ceiling.
Warner Brothers Discovery will collect roughly 5% of the gross profit, one of the sources said.
The Sphere declined comment, and Discovery did not return calls.
The focus on movies comes as Dolan continues to hunt for musical acts.
Rock legends The Eagles have a residency at the Sphere slated to run from September through early January.
The Sphere, which cost $2.3 billion to build, has earned roughly $100 million since it opened in September, the analyst said.
Sphere’s shares are down 15% in the past five trading days from $44.64 to $38.12.
The Sphere had been in talks to acquire “The Wizard of Oz” rights since early June, according to Casino.org.
Dolan has made plans to build additional Spheres in countries like South Korea, where could also show the movie.
This post was originally posted by New York Post
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