Las Vegas: Potential sale of Tao Group could help fund rising costs for MSG Sphere

Las Vegas: Potential sale of Tao Group could help fund rising costs for MSG Sphere

Article brief provided by Nevada Independent
  • Howard Stutz, Nevada Independent
January 10, 2023 3:10 PM
  • Howard Stutz, Nevada Independent

Developers of the $2.17 billion MSG Sphere are considering a sale of their upscale Tao restaurant and nightclub chain to help fund the project’s rising construction costs, which have now surpassed the budget for Allegiant Stadium.

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Madison Square Garden Entertainment (MSGE) has reportedly hired Goldman Sachs to explore a sale of Tao Group, a worldwide company whose operations encompass 17 restaurants, nightclubs, day clubs and pool lounges in Las Vegas, including Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.

Tao, which has venues in London, Singapore and Dubai, operates 32 New York City restaurants.