The New York-based developer of the nearly $2.2 billion MSG Sphere has sold its majority ownership of Tao Group Hospitality for $550 million to help pay development costs for the Strip entertainment venue expected to open in September.
The sale of Tao by Madison Square Garden (MSG) Entertainment, announced Monday, was hinted at in January when the company hired investment group Goldman Sachs to explore a possible transaction.
Tao Group is a worldwide company with 80 locations in 20 markets. In Las Vegas, the operations encompass 17 restaurants, nightclubs, day clubs and pool lounges, including Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.
