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Madison Square Garden Entertainment\u2019s (MSG Entertainment) highly anticipated Las Vegas Sphere venue is set to cost $2.3bn (\u00a31.8bn\/\u20ac2.1bn), after the company reported a cost increase of a further $125m.\u00a0<\/p>\n
According to reports<\/a>, documents showcasing the $125m increase were filed with the US Securities and Exchange Commission (SEC) yesterday (Wednesday).<\/p>\n The Sphere at The Venetian\u2019s current price tag demonstrates an increase of more than $1bn from the original $1.2bn projection when the project was first announced in 2018.<\/p>\n Engineering firm AECOM<\/a> was brought in as the main contractor for the construction of the venue in 2019, and offered a more realistic price tag of $1.7bn.<\/p>\n The project then faced delays<\/a>, in part thanks to the COVID-19 pandemic, pushing back its projected 2021 opening date.<\/p>\n Moving into 2023, it was revealed that Irish rock band U2 will be opening the venue with a residency<\/a> in September and October<\/a>.<\/p>\n MSG Entertainment also announced \u2018Sphere Experiences\u2019,<\/a> a core content category that will feature at the venue, with the first immersive production to be called \u2018Postcard From Earth\u2019.<\/p>\n In March, MSG Entertainment also finalised plans to spin off its live entertainment business, and launch a new company called Sphere Entertainment Co<\/a>. This would include the Sphere venue, MSG\u2019s sports television network MSG Networks and Tao Group Hospitality.<\/p>\n Just after these plans were revealed, MSG Entertainment announced the sale of its majority interest<\/a> in Tao Group to Mohari Hospitality for roughly $300m.<\/p>\n \t\t\t\t\t\t\t<\/p><\/div>\n