{"id":242603,"date":"2022-11-10T22:09:17","date_gmt":"2022-11-11T04:09:17","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=242603"},"modified":"2023-01-05T10:04:11","modified_gmt":"2023-01-05T16:04:11","slug":"msg-sphere-cost-inflates-175m-to-2-175b","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/msg-sphere-cost-inflates-175m-to-2-175b\/","title":{"rendered":"MSG Sphere Cost Inflates $175M to $2.175B"},"content":{"rendered":"

Inflation has ballooned the cost of the MSG Sphere another $175 million to $2.175 billion, executives with Madison Square Garden Entertainment Corp. reported this week. The 17,500-seat round entertainment venue \u2014 under construction behind The Venetian Expo \u2014 is reportedly due to open on Sept. 29, 2023, with the first concerts a residency by Irish rock band U2.<\/p>\n

\"MSG
The MSG Sphere, shown in September 2022, is expected to open Sept. 29, 2023 with the first date of a residency by U2. The Irish rock band is expected to play six nonconsecutive Friday and Saturday nights, for 12 shows in total. (Image: SounderBruce)<\/figcaption><\/figure>\n

During MSGE\u2019s fiscal first-quarter earnings call, officials also blamed global supply chain pressures and the overall complexity of the construction project for the budget overrun. But EVP and CFO David Byrnes said he was confident that the company is sufficiently liquid from cash on hand and operational cash flow to complete the venue\u2019s construction.<\/p>\n

\u201cWe\u2019re now in the midst of the seasonally strongest point of the fiscal year, with our \u2018Christmas Spectacular\u2019 (at Radio City Music Hall), the best months coming up for our bookings business, and the impact of the (NBA New York) Knicks and (NHL New York) Rangers seasons, and we\u2019re anticipating that we\u2019ll generate substantial cash flow from our core operations, which we expect to continue to utilize for MSG Sphere,\u201d Byrnes said. He added that once the Sphere is operational next year, the company expects to cash in on new sponsorships for what will be the largest LED screen in the world.<\/p>\n

\u201cThe exosphere will be covered with 580,000 square feet of fully programmable LED panels, which will be seen not only by the millions of people who live in and visit Las Vegas and come to our events, but really as an iconic landmark that offers tremendous opportunities for content that reaches far beyond Las Vegas,\u201d Byrnes said. \u201cIt will be a unique and powerful platform for brands.\u201d<\/p>\n

Still, the news depressed MSGE\u2019s stock $3.85, or 8.5%, to to $41.31 in early trading on Wednesday.<\/p>\n

A New Company Will Run the Sphere<\/b><\/h2>\n

Also during the call, Byrnes said MSGE would form a new company made up of MSG Sphere and Tao Group Hospitality, spinning that off from its live entertainment business. Byrnes said the new company would be called MSG Sphere Corp., while the new live entertainment and media company would be called Madison Square Garden Entertainment Corp.<\/p>\n

MSGE, which operates on a July-to-June fiscal year, reported a net loss of $44 million, $1.30 a share, on revenue of $401.2 million for the quarter ending Sept. 30, 2022. A year earlier, the company reported a net loss of $76.7 million, $2.32 a share, on revenue of $294.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation has ballooned the cost of the MSG Sphere another $175 million to $2.175 billion, executives with Madison Square Garden Entertainment Corp. reported this week. The 17,500-seat round entertainment venue \u2014 under construction behind The Venetian Expo \u2014 is reportedly due to open on Sept. 29, 2023, with the first concerts a residency by Irish […]<\/p>\n","protected":false},"author":78,"featured_media":242604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3313,81886],"tags":[81971,83668,83667,81968,81970],"acf":[],"yoast_head":"\nMSG Sphere Cost Inflates $175M to $2.175B - Casino.org<\/title>\n<meta name=\"description\" content=\"Inflation has ballooned the cost of the MSG Sphere another $175 million to $2.175 billion, executives with Madison Square Garden Entertainment Corp.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/msg-sphere-cost-inflates-175m-to-2-175b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MSG Sphere Cost Inflates $175M to $2.175B - 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