The company building the 20,000-seat MSG Sphere at The Venetian is considering spinning off its live entertainment divisions to focus on its Sphere and Tao Hospitality Group operations.
Madison Square Garden Entertainment Corp. first announced plans to explore the spinoff on Thursday, later elaborating on the details during its fourth-quarter earnings call on Friday. There’s no timeline for when a spinoff would be completed.
During its call with industry analysts, company executives said the Sphere project is less than a year from completion and the construction cost estimate was upped from $1.87 billion to $2 billion…
Executives cited inflation and higher costs associated with supply-chain issues for the higher estimate.