MSG Sphere could be heading to Abu Dhabi, despite $98 million loss in Las Vegas
James Dolan, the Sphere’s billionaire owner, is in “serious talks” about a new venue in the UAE capital
A new MSG Sphere venue could be in the works in the United Arab Emirates, The New York Post has revealed, despite a reported $98.4 million loss in Las Vegas.
Executive chairman of MSG Network James Dolan, the billionaire owner of the Sphere, is reportedly in “serious talks” about building a new iteration of the venue in Abu Dhabi.
Sources told The New York Post that Dolan is going “back and forth” in conversations about a new venue in the oil-rich Persian Gulf following talks of additional venues in Saudi Arabia and South Korea, both of which are currently “stalled”.
Dolan’s Las Vegas Sphere is currently attempting to recoup a reported $98.4 million loss - a 71% dive in predicted revenue on its opening in September.
The 20,000-capacity venue is also reportedly arguing against $224.8 million of capital expenditure accruals from the Sphere’s construction, per a securities filing by Dolan’s Sphere Entertainment on December 5.
MSG argues that a “significant portion” of that is in dispute, and the company “does not expect to pay” the full $224.8 million.
Controversial plans to build another MSG Sphere in London - which was set to flaunt 1,000,000 LED lights and bright advertisements on its exterior much like its Las Vegas cousin - were recently put to bed by London Mayor Sadiq Khan.
Khan stalled developments in November. In the weeks since, Michael Gove ordered a six-week pause to consider calling in the Mayor’s decision.
A spokesperson from Sphere Entertainment told Mixmag that “the entire five-year planning process was hijacked by the mayor and his bogus last-minute report.”
“Londoners should be dismayed that they are not going to benefit from this groundbreaking project, and others looking to invest in London should certainly be wary,” they claimed.
The Sphere’s chief financial officer, Gautam Ranji, reportedly quit after the venue’s reported financial loss. The Post reported that he left after CEO James Dolan was “yelling and screaming” at him.
[Via The New York Post]
