Huge Las Vegas Strip Brands Likely Up for Sale
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The Las Vegas Strip is a money-grubbing place. Caesars Entertainment and MGM Resorts International are big casino owners. Fontainebleau Las Las has been under construction for 20 years and has gone through multiple owners before ending up in the hands of its original owner. MSG Sphere, a performance venue on the Strip, has seen its cost increase by at least $175 million. The parent company, Madison Square Garden Entertainment, is selling the Tao Group to raise the money.
Madison Square Garden Entertainment hired Goldman Sachs to explore a sale of Tao Group. First-round bids for Tao are being submitted now. Houston Rockets and Golden Nugget Casino owner Tilman Fertitta is a rumored suitor for the company. FERTitta bought a piece of land on the Las Vegas Strip in April. He is expected to build a high-end resort casino on that site.
MSG Entertainment has to pay for the rising costs of its massive Strip project without a sale. The company's CFO David Byrnes commented on its funding plans during the company’s first-quarter earnings call. MSG Sphere is expected to open in the second half of 2023 with a U2 residency rumored as its first artist. The interior display plane will be the highest-resolution LED screen in world.
