The developers of Las Vegas' MSG Sphere have sold their majority ownership in Tao Group Hospitality for a cool $550 million to Cyprus' Mohari Hospitality, The Nevada Independent reports.
Tao Group Hospitality is a global leader in hospitality and entertainment with 80 locations in 20 markets, according to the outlet. They operate 17 restaurants, clubs and pool lounges in Las Vegas alone, including Tao Nightclub, Hakkasan and more.
Earlier this year, a sale of Madison Square Garden Entertainment's majority stake was anticipated after they reportedly hired Goldman Sachs to facilitate a potential transaction. The company has now issued a statement revealing they expect the sale of 66.9% of Tao to close in May. They'll receive roughly $300 million in net cash.
The MSG Sphere under construction in Las Vegas.
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Tao Group will also sign a multiyear agreement with MSG Entertainment for marketing, consulting and support services at New York City's Madison Square Garden and the MSG Sphere, the latter of which is expected to open on the Strip in September 2023.
Featuring a 580,000 square-foot exterior with a state-of-the-art outdoor LED screen, the colossal MSG Sphere will reportedly launch alongside a performance from the renowned rock band U2. According to The Nevada Independent, the building's concert venue has a capacity of 17,500 people and contains a 160,000 square-foot LED display inside to curate an "immersive visual environment."
Tagsterms:TAO GroupLas VegasMSG Sphere
By Lennon Cihak
Lennon is a music journalist who has contributed to EDM.com for over five years. A seasoned music business reporter, his writings bridge the gap between education and technology through a musical lens. He is also the host of the music business podcast “When Life Hands You Lennons” and founder of his own electronic music website, EDM In a Soda.
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