Las Vegas: MSG Sphere price tag climbs additional $157M to $2.18B

Las Vegas: MSG Sphere price tag climbs additional $157M to $2.18B

Article brief provided by Las Vegas Review-Journal
  • Richard N. Velotta, Las Vegas Review-Journal
November 10, 2022 11:24 AM
  • Richard N. Velotta, Las Vegas Review-Journal

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.

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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.