Madison Square Garden Entertainment Corp (MSG) is selling its stake in Tao Group Hospitality to fund the new Las Vegas venue, the MSG Sphere.
MSG will sell Tao Group to Mohari Hospitality, a realty-focused investment firm, for a valuation of around $550 million and $300 million in net cash proceeds.
Tao Group is known for its international offerings consisting of restaurants, nightclubs, dayclubs, and pool lounges including Hakkasan, LAVO, Beauty & Essex, Marquee, Wet Republic, and OMNIA.
MSG previously owned a 66.9% stake before the sale.
The MSG Sphere is a $1.8 billion performance venue that will have an outdoor programmable LED screen, 17,500 seats, and the highest resolution screen in the world.
Famed rock band U2 will host the very first performance at the MSG sphere followed by an immersive production directed by The Whale director Darren Aronofsky called Postcard From Earth.
To learn more about the new Las Vegas MSG Sphere, check out the video below:
Featured image from Sphere
