After the launch of the Las Vegas arena, Sphere Entertainment’s stock increases by more than 10%

Following Sphere Entertainment’s new Las Vegas venue’s excellent opening weekend, the company’s shares increased more than 10% on Monday.

On both Saturday and Sunday night, the entertainment and media company—a pet project of New York Knicks owner James Dolan—coordinated the inauguration of its arena with a performance by the rock group U2. Live athletic events and concerts will be held at The Sphere.

Social media was used by fans to express their joy at the performances, which appeared to draw a large audience.

With a futuristic dome-shaped arena and wall-to-wall TV screens, Sphere bills itself as a «next-generation entertainment medium» with the goal of bringing a new perspective to live entertainment. The business’s inaugural opening is at the Las Vegas location.

A second Sphere will be built in London, according to the company’s plans, which are still awaiting approval.

The market value of the business is at $1.4 billion.