The price tag for the MSG Sphere at The Venetian climbed another $175 million to $2.18 billion, executives with Madison Square Garden Entertainment Corp. reported Wednesday.
The cost of the 17,500-seat entertainment venue being built east of The Venetian Expo — due to open in the second half of 2023 — has gone up because of the ongoing impact of inflation, global supply chain pressures and the overall complexity of the project, MSGE officials said during the company’s fiscal first-quarter earnings call.
The news resulted in shares of MSGE, traded on the New York Stock Exchange, to fall $3.85, 8.5 percent, to $41.31 in early trading Wednesday.
David Byrnes, executive vice president and chief financial officer of MSGE, said the company would handle the added expense with cash on hand and cash flow.
