Exclusive | The Wizard of Ahhs! Sphere to spend $80 million to bring classic film to high-tech Vegas arena: sources

James Dolan plans to follow the yellow brick road to increase profits at the Las Vegas Strip, The Post has learned.

The state-of-the-art concert venue, with its unparalleled views and haptic seating, is close to a deal with Warner Bros. Discovery to adapt the 1939 classic “The Wizard of Oz” for a one-of-a-kind immersive experience. , said sources close to the situation.

However, the process of turning the 102-minute film into an 80-minute digitally enhanced sensory spectacle for The Sphere will not be cheap.

Sources said the company plans to spend $80 million to update the Oscar-winning Judy Garland film, which cost $2.7 million to make before its release in 1939, about $25 million when inflation is accounted for.

A Sphere analyst said the $80 million production costs seemed like a lot, but the idea made financial sense.

“They make more money from original content than concerts,” the source said

The Sphere is currently screening “Postcards from Earth,” a 55-minute film from director Darren Aronofsky. It is performed up to three times a day in the 20,000-seat arena, where the cheapest tickets sell for $114.

It’s not clear how much Sphere will pay fans to see the 85-year-old “Oz” on what will essentially be a big Imax screen, even with the Wicked Witch flying on its ceiling covered in LEDs.

Warner Brothers Discovery will collect approximately 5% of the gross profit, one of the sources said.

Sphere did not return calls for 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 scheduled to run from September to early January.

The arena, which cost $2.3 billion to build, has grossed roughly $100 million since it opened in September, the analyst said.

Shares of Sphere have fallen 15% in the past five trading days from $44.64 to $38.12.

According to Casino.org, Sphere had been in talks to acquire the rights to “The Wizard of Oz” since early June.

Dolan has made plans to build additional arenas in places like South Korea, where the film may also be shown.