The MSG Sphere was already slated to be the most expensive entertainment venue constructed in Las Vegas, and the price tag is only going up. According to Billboard, the concert venue is now estimated to cost $2.3 billion — more than a billion dollars over its original budget.
When the Sphere — a 20,000-seat performance venue located near The Venetian on the Vegas strip — was first announced in 2018, MSG and the Las Vegas Sands Corporation projected the building to cost $1.2 billion before adjusting their estimates to $1.7 billion. Recent documents filed with the SEC, however, reveal the budget has been upped to $2.3 billion.
Some of the Sphere’s increasing costs can be blamed on the pandemic, which both stalled construction and impacted the industry as a whole. The recent change, however, is due to the “overall complexity of the project,” officials said. The building will feature 580,000 square feet of LED paneling to allow for easy aesthetic changes for different performers, as well as 170,000 ultra-directional speakers meant to target audio to every seat in the venue. When you factor in the arena’s spherical shape, it brings a whole new meaning to surround sound.
Despite rising costs, the SEC filings note “significant progress” in the Sphere’s construction, including the LED lights and the hospitality suites in the arena’s interior. It’s expected to open in late September with the launch of U2’s “Achtung Baby Live At Sphere” residency. Tickets to those shows are available here.
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