LAS VEGAS (KTNV) — Despite strong ticket sales, Sphere Entertainment Co. still posted a $101.2 million loss in its third quarter.

During a company earnings call on Tuesday, Robert Langer, Sphere Entertainment Co.'s Executive Vice President, Chief Financial Officer, and Treasurer, told investors it was due to higher direct operating expenses.

"[It's] mainly due to the impact of The Wizard of Oz at Sphere . It also reflects the increase in the number of concerts held at Sphere compared to the prior year quarter, which was partly offset by lower other event-related expenses."

Langer added the company is working on becoming more cost-efficient and they've continued to build revenue and see strong demand over the last quarter.

"Our Sphere segment generated revenues of $174.1 million, an i

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